subject: Sell Structured Settlement - Is It Right for You? [print this page] Sell Structured Settlement - Is It Right for You?
More and more courts are turning to structured settlements for large lawsuit awards. However, what may seem like a great plan for your continued support may not stay that way. In some cases, you may need to get your hands on extra cash, whether it's for business start up capital, medical expenses, or for buying real estate. In order to get to this money, you will need to petition the court for an amended order. However, there is no guarantee that the judge will grant it, although that's usually not the case. It can take a bit of time to get in front of the judge.There is another way that you may be able to access the balance of your settlement. Many companies today will buy your structured settlement. Not all type of settlements will qualify, though, so you should keep this in mind. If you decide to sell, you should also remember that the company that is buying it will charge a fairly sizeable fee. This industry is very regulated; however, to keep the sharks from taking advantage of people who are in dire need of additional cash.When you begin your search for a company to help you out, the internet is a good place to start. It's best to look for established companies that have been around for several years. It's also best to check with the Better Business Bureau to make sure there are no unresolved complaints. When you're looking at a transaction of this size, you simply cannot be too careful. You'll also want to talk to your tax professional to see what type of penalties you'll have for this transaction, as well as any additional taxes that may be due.If possible, have your attorney review any paperwork before you sign it. This is not a time when you don't want to read the fine print. Ask questions and do your research. If you feel as though the deal just doesn't feel right, it's time to back out and try a different company.In closing, you can sell a structured settlement, but you should exercise a bit of caution. Make sure you use a reputable company that has been in business for several years. Also, make sure you understand all of the fees, penalties, and tax liabilities that may apply. You have been through enough to get the settlement - don't let someone else profit because of it.
