What is a Structured Settlement?
In the world of litigation, nothing can be more overwhelming than enforcing your decree and making the wrong doer pay. The boom witnessed in the insurance industry has seen most personal injury defendants shifting liability to a better off company. This has led to the emergence of a court-sanctioned execution dubbed “structured settlement”.
In early 2016, Jim was feeling entrapped by a barrage of expenses after a tragic power disaster at his home in Silicon Valley, California electrocuted his wife’s leaving him with severe injuries. Emboldened by his immeasurable love for his wife, he was determined to fight tooth and nail to get her the stroke of justice she deserved. The search led him to sign a retainer with a New York attorney who filed a personal injury claim against the power supply company.
Like a shot, the imposing and cultured lawyer infused life into his collapsing universe when he swept through an out-of-court settlement bringing home plethora dollars as damages. Jim got a structured settlement arrangement, a form of pension that disburses the money little by little rather than a one-off lump sum payment. His attorney informed him about selling his structured settlement for instant cash to meet urgent financial demands and contingencies.
Selling A Structured Settlement: Any Formalities Required?
After receiving the first payment, big bills and liabilities started to hit the roof. The thought of selling the structured settlement sent a few chills down his spine as the marketplace looked flooded. He knew identifying a reliable company entails in-depth research, digging layers beneath tuneful commercials and exercising due diligence on his part.
Step 1-From the outset, he focused on pinpointing a reliable structured settlement buying company. He retrieved free quotes from several companies, though some did not respond to his calls, he was lucky to encounter a reliable purchaser-JG Wentworth.
Step 2-His attorney helped him review the sale agreement, execute and sign it with the buying company. In his quest for a good agreement, he involved his attorney throughout to safeguard his interests and minimize bureaucracies.
Step 3-After choosing one of the leading brands in the industry, the company lodged a petition in the state court. A hearing was scheduled where he was to show up in person. Other interested parties such as the income issuer were also served with a copy of the petition.
Step 4-Jim got prepared with the relevant paperwork needed to substantiate his request before the judge to sell his structured settlement. The state laws require the court to order a 30-day “freezing period” for a fair agreement without duress, coercion, and ignorance. It also placed him on equal footing with the buying company.
Step 5-When the hearing came up, he rose to the dock, the judge discussed the matter thoroughly. He had strong evidence showing the buyout would be financially sound, health bills were skyrocketing and could hardly eke out a living. Later, the annuity issuer negotiated a written contract with the purchasing company bringing the long deal almost to a close.
Step 5-The judge subsequently affirmed the final determination made by the court. Once he received payment, his attorney indicated that all rights and interests now vested in the buyer.
Choosing Top-Level Structured Settlement Companies
When choosing the finest structured settlement company, Jim preferred the ones offering the most competitive discount rates. He was keen to pick a service provider possessing long-drawn-out experience and a deep-rooted toehold in the industry, familiarity with laws and expeditious processes. As a digital consumer, he could tell from the first impression if your company has the efficiency and integrity needed, a warm and responsive customer support was his litmus test.
He identified Three Top-Rated Companies
- Woodbridge Structured Funding
Renowned for their prowess in finance, Woodbridge boasts substantial experience in re-buying future payments and keeps your lump-sum payout on the front burner. The company will offer unbeatable quotes in the market, seamless processing, and welcoming customer care.
- Stone Street Capital, LLC
A dominant buyer of structured settlements, pensions and lottery winnings, Stone Street Capital, helps you convert future income streams to immediate cash in a flash. They can act as your representative, handling everything from scratch, including the court process, liaising with the judge and polishing off the agreement without much of your input.
- JG Wentworth
JG Wentworth stands out from the crowd in a cluttered marketplace of structured settlement companies with flexible options to help you sell your annuity partially or wholly for a tax-free colossal amount of money.