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Need Money in a Hurry Than Selling Your Structured Settlement May Not Be The Answer
Submitted: 2007-01-17 16:16:43
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Need money in a hurry, than selling your structured settlement may not be the answer. It can take anywhere from six weeks to four months to get your money. Why you may ask?
A new safe guard has been put in place called a court order. A judge has to rule on if selling your structured settlement is in your best interest. If you don’t have a court order than a tax equal to 40 percent will have to be paid on the total amount of payments being sold. For example: to pay for medical expenses, to buy a house, pay for an education, a business opportunity or to keep from filing bankruptcy may be considered in your best interest.
When deciding whether to sell your structured settlement or not, you need to consider that your proceeds are put to good use or the court will not approve a court order giving you the money.
It is important to find an a ethical company that buys structured settlements. A company or broker who isn’t familiar with the complex laws and procedures involved in selling payments will only add to the time it takes to get your money. Getting the best price quote doesn’t mean you will get that best price. That is why I say it’s important to find an a ethical company. A lot of games are played like adding different fees when it is time to funding the sale. Buyer beware, or in this case, Seller beware!
Frank ReCouper Sr. is President of FDR Resources and has been in financial services for over 45 years. For more information: http://www.money-now.net/structured_settlement_resources.htm
Article source: Expert Articles
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