If you have been on the winning end of a lawsuit recently, chances are that you have received a structured settlement, which for many people is an ideal way to pay for medical bills, lost wages, and any other bills you may have.
The downside to these settlements is that most people only receive small payments on a monthly basis. Those who need the money right away tend to sell a structured settlement to companies that can give them a lump sum of cash right away as opposed to waiting years before getting all their money.
What Is a Structured Settlement?
A structured settlement is a payment settled between two parties or awarded through the courts against a company or individual. These payments are often paid out as an annuity or structured settlement in small amounts over the course of several years. Because these payments take so long to come in, many people decide to sell a structured settlement to receive the money more quickly.
Selling Your Structured Settlement
If you are interested in selling your structured settlement, there are a few steps to go through before you can do it. To start, you must first obtain a quote, receive a disclosure statement, and then sign a contract. Then it is recommended that your documents get reviewed by an attorney or financial advisor before they get filed with the court for a judge’s approval.
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