Published on May 19th, 2016 | by Day Trader
5 Reasons You Should Sell Structured Payments
If you are coming into a lot of money and have decided to sell structured settlement payments, you may need to convince a judge as to why you feel that is necessary. You have the option to get cash for structured settlement payments or annuity but even after you and the company you want to sell to have agreed on an amount, the case must be presented before the judge and you will need to defend your wishes. Here are a few reasons that you could offer the judge as of why you want to sell structured settlement payments.
Pay Off Debt
Most Americans struggle with debt. Many feel like they are never going to be able to get out from under it and have come to a place of acceptance. The great thing about coming into a lot of money is that you no longer have to feel like that. It’s a good idea to have a list of all the debt you are in compared to how much money you would get if you sell structured settlement payments in order to pay them off. It looks really good if the amount you get will pay off your debt entirely and let you start on a clean slate. You should also present a plan of how you are going to stay out of debt and use this as an opportunity to make new decisions and turn over a new leaf.
Pay Medical Bills
If you are receiving a settlement as a result of some sort of accident, be it personal injury or auto accident, then you likely have some medical bills that need to be paid. Often, you cannot start treatment until your bills have been taken care of. If this is the case then you should get that in writing from you doctor so that you can convince the judge to allow you to get your money as soon as possible. The danger with not starting treatment immediately is that your body will begin to heal and if the surgery or physical therapy that is needed is not began, you body will start to heal improperly and then it will be even more work and money to undo the incorrect healing to start again.
Buy a New Car
If your settlement is from a car accident you may need to sell structured settlement payments in order to buy yourself a new vehicle. Even if your insurance is going to cover it, it could be months before the insurance comes through and you will need a way to get around and especially to get to work. If you have a family to provide for then this will be even more imperative. Do some research into buying a new car so that you can present the judge with your prognosis.
Buying a House
Buying a house shows stability and maturity. If this your plan for your money then you will want to go ahead and start looking for a property so that if you find one you can show the judge that the matter is time sensitive and you need to put in a bid on the home before someone else does. Settlement payments can take a very long time to start coming in and then if they are split up to much, you may not be able to afford the house for a few years. In this case, you would definitely need the lump sum.
Go to College
If you have always wanted to go back to school but don’t qualify for any assistance, you may have made a responsible choice to not get into debt with loans. However, now that you have the money you have the opportunity to get a degree. A judge will look very favorably upon this as it’s good for the person themselves as well as the economy.
Before going before a judge make sure that you have any documentation showing what you are looking into spending your money on so that the judge knows you have done your research and aren’t just winging it in court. The more organized papers you have, the better it will look; ‘organized’ being the key word here. Make sure you are put together and ready to go.