Process of Selling Structured Settlement
While it is common for structured settlement recipients to transfer some or all of their future payments for cash it is not an instant transaction. There is a process that includes getting court approval to exchange future settlement payments for a lump sum cash payment. There are companies that specialize in guiding you through the process making the transaction easy. The following are some of the typical steps in the process:
1. Sign a contract that outlines the number of payments you wish to sell and the amount of money you wish to receive.
2. Provide any supporting documentation regarding your settlement
3. Schedule a court date to request the approval of the sale of your future payments
4. Attend court and receive the Judges approval for the transaction
5. Receive a lump sum cash payment by check or wire
The process can take 6-10 weeks depending on how busy the courts are at the time of your request.
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