If you think that you want to sell a structured settlement for a large lump sum of cash, you need to remember that the state and federal government strictly regulate them. Although numerous laws are in place both at the federal and state levels to regulate your structured settlement, this doesn’t mean that you can’t sell it for one large lump sum. To sell your settlement, though, you must first seek approval to do so from the courts.
Check Into the Factoring Company
One way to ensure that you choose a reputable factoring company is to use a financial advisor or an attorney. If you don’t want to go that route, you can research the factoring company independently. At a minimum, you want to investigate each factoring company you are considering for any complaints filed against them. These can be found through your state’s attorney general office or with the consumer protection division.
Seeking the Judge’s Approval
As we mentioned before, to sell a structured settlement, you must obtain a judge’s approval. When you go before the judge, they will consider several things before allowing the sale or rejecting it. One thing they will consider is the terms of your sale, which include whether you are selling the entire settlement, a small portion of each monthly payment, or just a handful of your monthly payments.
Each judge should consider how the sale will affect your financial situation, including if the sale will create a financial hardship for you.
Contact We Pay More Funding LLC for more details.