When it comes to making a decision about selling your structured settlement, it's important to understand the pros and cons. Selling a structured settlement annuity can be a great way to get a lump sum of cash for immediate needs, such as medical care, debt repayment, or buying a home. It's also a popular option for eliminating credit card balances. However, it's important to make sure you have a good reason for selling your settlement and that you understand the nuances of the process.
The sale of any of your structured settlement payments must be approved by a judge in your area. This is due to laws established by Congress and states designed to encourage structured settlements and protect the people covered by them. You have the legal right to sell structured settlement payments as long as you can prove your financial need to the judge. Among other things, the judge would analyze your financial obligations, your living expenses, and how the sale will affect your financial situation, both in the short and long term.
When you sell your structured settlement payments, the buying company will offer you a price based on the future value of your payments, taking into account the cost of inflation over time. Therefore, if you sell a payment that you're supposed to receive next year, the buying company will buy that payment based on what it expects it to be worth in a year, not what it's worth today. It's important to note that this time frame may fluctuate from state to state, since the laws governing the sale of structured settlements are different. If you are considering selling your structured settlement payments, seek the advice of someone you trust, a lawyer, or a financial advisor.
Many JG Wentworth customers are repeat customers and sell part of their settlement when they need cash.You don't owe income taxes when you sell a structured settlement annuity as a result of a personal injury. Once you decide to sell your structured settlement payments to CBC Settlement Funding, your personal customer support representative will review the available options and help you select the one that best suits your needs.In conclusion, selling a structured settlement can be an effective way to get cash for immediate needs or debt repayment. However, it's important to make sure you understand all of the nuances of selling your structured settlement before making any decisions. Make sure you have a good reason for selling your settlement and that you understand all of the laws governing the sale of structured settlements in your area.
Seek advice from someone you trust or an expert before making any decisions.