Many people who are awarded a lawsuit settlement will be excited that they will receive a lot of money. This excitement often turns into disappointment when they find out that all they can get is a structured settlement.

What is a structured settlement?

A structured settlement is when a person receives their settlement over time in the form of payments. These monthly payments are usually used to replace money lost because of what happened that led to the lawsuit.

The reason insurance companies and other payers prefer a structured settlement is because they are better able to budget it into their quarterly payouts. And, many people receiving the structured settlements believe it will help them be more responsible with the money, since they don’t end up spending all of it in one place.

However, sometimes, people need a large amount of cash for a variety of reasons, like paying off debt, or buying a house. In these cases, a structured settlement won’t work, but selling it does.

Selling a structured settlement

Selling structured settlements means that you basically end up giving a company your payouts in exchange for a lump sum. These companies will bid for your structured settlement, and then you choose the one that gives you the most upfront money. While you will end up receiving less money than you would if you continued to collect the monthly payments, it’s a good option for people who want a large sum of money quickly.

If you’re anxious about selling your structured settlement, don’t worry. The company willing to purchase your structured settlement will need to go to the court for permission. This layer of protection is calming because a court will not allow you to sell your structured settlement unless it’s in your best interest.

You have a choice with your settlement now. You can either accept the monthly payments or sell your structured settlement for a lump sum. This enables you to buy a home, start a business, pay off debt, or something else you need to do. Consider selling your structured settlement today!