Super Fitness Health BlogSelling My Structured Settlement Payments – Is it Legal?
With the global economy appearing as if it is suffering from a economic meltdown many people are looking for ways to bring in money. A lot of people are not only losing jobs, but homes, cars and other important aspects of their lives. Those who actually are receiving structured settlement payments have considered selling them but don’t quite know if it is legal or not to do so.
Your structured settlement is a financial incomes stream that was awarded to you from a lawsuit or some other type of settlement. While there could be many different aspects of selling your structured settlement annuity payments the first one we need to address is whether or not it legal for you to actually sell those payments in the first place.
Are there Rules that Go Against Selling of Future Payments from Settlements?
In short the answer is no! There are no legal laws or rules that go against you selling your settlement payments. After all those are payments that actually belong to you and it is clear that the person who owns the rights to the payment can indeed sell them. However is must be noted that in many states there are requirements that you attend a court hearing if you are looking to sell your settlement or annuity payments.
The court helps make sure that companies that are buying the settlement payments from individuals are not ripping them off and charging to high of fees and rates. If you want you can contact an attorney to help you proceed with selling your structured settlement payments. Though it is not required you may find it very helpful when going through the entire process to make sure you have someone on your side.
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