If you have a structured settlement, it’s because you’ve suffered a significant injury or loss. So, if an urgent need for money has come along, transferring the rights to your future payments for a lump sum shouldn’t cause more suffering. So, why does a judge need to be involved to approve the transfer of payment rights when they are your payments?
The judge is there to protect you by ensuring a few important things happen.
- Judges ensure everyone follows the rules. There are federal statutes that apply, and every state has slightly different regulations for how the transfer of structured settlement payment rights proceeds. For your transfer to be enforceable (and for you to get your money), you want to ensure the process follows all the right rules. Judges are there to see that all parties take the required steps.
- In most states, a judge will confirm that the transfer is happening in your best interest. The court also considers the welfare and support of your spouse or dependents. After dealing with hundreds or thousands of structured settlement transfers, a judge may see an issue that you might not have considered.
In short, the courts are in place to help you. At times, they may be bureaucratic and add time to the transfer of rights. But their role will help make the transfer process go as smoothly as possible.
At CrowFly, education is important to us. If you have questions about selling a structured settlement, we welcome you to call us. We’ll explain what you can expect from the selling process, timeline, and the outcome. There is no obligation when you call.
A West Point graduate where he served as captain and military aviator, John Bair continues his commitment to our country through his efforts within the settlement planning industry. He has represented families of victims lost in the Flight 3407 crash, offered pro bono services to the families of 9/11 victims and drafted the first consumer protection bill for plaintiffs (H.R. 3699).