11 Questions to Ask Before Selling Your Structured Settlement

When you are having trouble making ends meet, you may be interested in exploring your financial options. Many people receiving structured settlements wonder whether they can sell their structured settlements to get an advance on their funds.

However, before you sell your structured settlement, there are specific questions you might want to ask and consider along the way.

1.   Will I Have to Sell All My Future Structured Settlement Payments?

You do not necessarily have to sell your future structured settlement payments. In fact, it may be well-advised to sell only a portion of your future structured settlement payments.

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2.   How Long Will It Take To Get My Money?

It is difficult to say how long it will take to get you the structured settlement funding you are entitled to. Generally, once an award has been issued, it could take anywhere from 45 days to three months before your settlement comes in.

Instead of waiting for your structured settlement payments, consider taking out a cash advance on your pre-settlement funds.

3.   Is It the Same as a Loan if I Sell My Structured Settlement Payments?

No, selling your structured settlement payments is not the same as a loan. With a loan, you receive money with a promise to pay the money back with interest.

When you are selling your structured settlement payments, you are transferring the ownership of these future payments to another party in exchange for a sum of funding.

4.   Will I Have to Pay Taxes on My Structured Settlement?

Generally, you will not be required to pay taxes on your structured settlement payment. According to the Internal Revenue Service Code §104(a)(2), money received from personal injury claims is not considered taxable income. However, any returns you generate will be taxed if you use any of your settlement funds to invest.

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5.   Will I Have to Pay Taxes When I Sell My Payments?

Generally, when you sell your structured settlement payments due to financial instability, you are not going to be taxed when you sell them.

However, you will be required to go before a judge who can ensure that you are not a victim of predatory lending that could put you in even worse financial straits than you were before you sold your structured settlement payments.

6.   Can I Sell My Child’s Structured Settlement Payments?

It is possible to sell your child’s structured settlement payments, but only if you are dealing with a significant financial hardship that is directly impacting your child.

Generally, the judge will appoint a Guardian Ad Litem to advocate for the child’s best interests and ensure that selling the child’s structured settlement payments is wise.

7.   Can I Sell if I Have Not Received Payments Yet?

If you have not yet received structured settlement payments, you may be wondering whether you can sell them. The answer is, yes. When you are waiting for your structured settlement to be funded, you may still continue to struggle financially.

You can sell your structured settlements to High Rise Financial and avoid the long wait before your structured settlement payments are scheduled to begin.

8.   Can I Sell More Structured Settlement Payments in the Future?

If you have previously sold structured settlement payments due to financial hardship, you may be interested in learning more about whether you can sell more of your structured settlement payments.

Fortunately, there is no limit to the number of times you can sell your structured settlement payments. If you are eligible to sell your payments, our team may be able to provide you with the pre-settlement funding you need.

9.   Why Would a Judge Not Let Me Sell My Structured Settlement Payment?

There are several reasons why a judge will prohibit the sale of a structured settlement payment. Some common reasons for judges to deny structured settlement sales include:

• The sale is not in the interest of the company buying the structured settlement
• The structured settlement buyer is taking advantage of the victim’s financial distress
• The person selling the structured settlement is unable to prove their financial hardship to the judge
• The person selling the structured settlement is unable to prove to the judge that they understand the ramifications of selling their structured settlement payments

10.   If I Was Turned Down in the Past, Does that Mean I Am Not Eligible to Sell Structured Settlement Payments Now?

Although a judge may have previously turned down your request to sell your structured settlement payments, that does not necessarily mean you will not be able to sell future structured settlement payments.

There are many instances in which someone who has previously been denied the opportunity to sell their structured settlement goes on to obtain the pre-settlement funding they need after a judge approves their request.

If you hope to get your request to sell your structured settlement payments approved, it is important to understand the reasons why the judge denied your initial request and resolve the issue at hand.

11.   What Needs Are Considered a Reason to Sell Structured Settlement Payments?

You may be unsure whether selling your structured settlement payments is in your best interest. For example, if you are simply hoping to purchase a new flat-screen TV, selling your structured settlement payments may not be wise.

However, if you require a new operating system to help your business become successful, this could be a good reason to sell your structured settlements.

Other common reasons to sell structured settlement payments include:

• Meeting to pay off a debt that is accruing high interest
• You are at risk for addiction or foreclosure
• You or someone you love who requires medical care

Contact High Rise Financial to Access Your Structured Settlement Payments Today

If you are hoping to sell your structured settlement payments, or if you would like an advance on your settlement funds, do not hesitate to contact our loan specialists at High Rise Financial to discuss your options further.

The pre-settlement legal funding application is quick and easy, and funds can be delivered to your bank in a matter of hours. Fill out our online contact form or call us to get started today.

Call or text (877) 735-0016 or fill out our form to apply today for free.