Before we go into the details of the structured settlement act and how you can take advantage of this act it is important that you understand what structured settlement is. When you get compensation as a part of the settlement of a lawsuit then many times either your financial settlement or the defendant would offer to pay the compensation in parts or as deferred payment over a set period of time.
However this structured payment is governed by certain guidelines and there are also benefits that you can have through the Structured Settlement Protection Act. Now let us see how this important Act can help you.
The Structured Settlement Protection Act has a number of sections and it depends on you as to how you cash the act for your benefit. can be of help are mentioned below:
Selling or transferring the settlement payments: If you wish then you could opt to sell the settlement payments as a part of the act. There are professional companies in the market that take interest in buying payments from you. They offer you lump sum money in return of you selling them the right of your settlement. However, this is done only after the consent of both the parties.
It is also important that you compare the different offers that can be tentatively available for you when you sell the settlement payments and then apply for the one that offers you the best deal. Selling settlement payments can happen in a number of cases like when you are in an urgent need of lump sum cash; the payer of the structured settlement is filing for bankruptcy etc. In such cases you can sell the settlement payments to a firm who can later on collect the money from the payer and you can get the amount that you should have got.
The Structured Settlement Protection Act has been framed in public interest and has safeguarded the interests of the person who is receiving the structured payments. The company that is buying your settlement payments would definitely look for its own advantage and hence it is important that you take advice from a financial consultant who can guide you and have your rights protected.
Payment should be approved by the State Court: To make it advantageous for the person receiving settlement payments the transaction that is supposed to undergo settlement should be approved by the state court so that it can be determined whether the settlement is in the benefit of the receiver or not.
Getting lump sum payments: The Structured Settlement Protection Act calls for the client to get professional financial consulting after getting every transaction from the payer to know what future effect it would have on his/her life. Also you can opt to get the entire settlement as lump sum payment.
The structured settlement protection act is formed by; keeping in mind the benefit of the client but it is always advised that you seek professional help before taking any decision regarding your structured payments.
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