If you’re familiar with structured settlements, you may already know you’re within your rights to sell your settlement. Selling a pay out, however, is dependent on a judge’s approval. Your reason behind selling must be compelling, as judges approve settlement sales predicated on whether they’re in your best interest.
What are some compelling known reasons for selling your cash for structured settlement? Determine the six common reasons for selling your structured negotiation payments below.
1. You’re Buying a Home
Purchasing a home or paying off your mortgage are both valid known reasons for selling your structured settlement payment. You and your legal professional will still need to show that either reason is your best interest.
Focus on conveying the long-term great things about selling your structured settlement for a home. Consider factors like the home’s distance from your workplace, its heating and cooling costs and usage of certain school districts for your children. A change in your relationships, like a divorce, could also support your wish to sell your structured settlement payments.
If you want to pay off your mortgage, your reasons to market are probably different. The accident that resulted in the settlement, for example, may have left you unable to work and meet your mortgage payments. You may also want to market your structured negotiation to save money and prevent you or your family from paying interest as time passes.
2. You’re Starting or Expanding a company
Starting or growing a business – particularly if it’s your or your family’s sole source of income – are routine reasons judges approve the sale of structured settlements.
Because judges evaluate whether the sale is in your personal best interest, bring evidence that supports your potential business’ success or reasons for expanding. If you’re beginning or growing a company, for example, will include a business plan with estimated costs for the judge to see.
Prepare to answer any questions from the judge regarding your experience operating a company or skill within the marketplace your business will occupy. If the evaluate feels you lack the experience to own and manage a small business successfully or are being influenced by friends or family to get started on one, it’ll likely impact their ruling.
3. You’re Paying Off Your College Tuition or Loans
Paying your school tuition upfront, with out a loan, or settling your school loans, are both valid reasons to sell your structured settlement for cash.
Many structured settlements derive from injuries, which can leave you at home and unable to work. Inform the judge of your position, but provide financial statements from your bank and loan organization. A note from your doctor detailing your existing health issues can also demonstrate to a judge that you have to sell your set up settlement payments and that means you don’t default on your university loan.
A case can even be made for selling your structured settlement to continue or start your college or university education. A lump sum from your settlement can prevent you from taking out that loan. You can then earn a degree, without debt, that’ll benefit you or your loved ones by raising your potential income. Provide evidence such as your acceptance letter and the college’s tuition rates.
4. You’re Upgrading or Repairing YOUR AUTOMOBILE
Upgrading or mending your vehicle is ordinarily a more difficult case, but aren’t uncommon when selling a few structured settlement payments versus the entire payment.
If you’re fixing your vehicle, make certain to include a repair estimate from your mechanic. Support your case by including financial statements from your bank or credit card issuer that demonstrate you’re struggling to afford the repairs without substantial risk.
To sell structured settlement payments for an upgraded or new vehicle is often more tedious. What’s important is showing that you’re upgrading by necessity – not choice. It’s also important to indicate your intention to acquire a car that’s very affordable.
Even though the structured settlement is yours, judges are bound to ensure that sold payments benefit you in the short and long term. Because cars lose much of their value after leaving the dealership, they’re not considered an investment, unlike your education or home.
5. You’re Paying Off Your Medical Bills
Medical bills are why many people decide to sell their structured settlement payments for cash, with many of the bills stemming from the accident that triggered the settlement.
Bring your medical statements as well as your medical insurance policy, if applicable, to your hearing. You may even want to add your bank statements to show you’re struggling to meet your hospital’s or physician’s fees.
If your ongoing medical bills result from necessary care, such as physical remedy or other treatments, ask your physician or therapist to write a letter explaining why you need this care to assist your case. Letters, such as these, are recommended if you’re selling your structured settlements as time passes to fund medical bills, as judges examine your previous cases and reasons for selling a settlement payment before approving a sale.
6. You’re Investing Your Money
Many people consider the potential of selling their structured settlement to get the lump sum. Judges, however, are unlikely to approve this reason if you’re planning to invest in the stock market, as it fluctuates and presents a financial risk.
If you want to sell your structured settlement for cash to get, options can be obtained outside the stock market. You could invest, for example, in equipment for your business that would increase your profits by allowing you to do more work or take on additional clients. Provide cost estimates for the gear – whether it’s a computer or a forklift – and prepare to answer any questions from the judge on how it’ll benefit you or your company.
Sell Your Structured Settlement Which has a 24/7 Notary
Whether you’re purchasing or selling a structured settlement payment, every settlement sale requires a notary that’s there if you want them.