Structured settlements, in theory, help plaintiffs get a steady stream of money over a fixed amount of time after they win compensation. This is usually done either through the ruling of a court or willingly by both parties. Sometimes, the recipients of structured settlements need cash faster than what their structured settlements allow.
In this instance, they will sell their structured settlement payments in exchange for money fast. To do this requires court approval to protect the interests of everyone involved. If you need financial assistance with your structured settlement, do not hesitate to reach out to the team at Silver Dollar Financial. Contact us today at (844) 871-0628.
Georgia Code Requires Court Approval
Under the Official Code of Georgia Annotated (OCGA) §51-12-71, the law explicitly states that a transfer of structured settlement rights will not be valid unless approved by the court. To sell or do anything outside of receiving payments requires permission to do so.
If you want to sell your structured settlement, you must do the following:
- Show that the transfer is in your best interest.
- Prove that no federal or state laws get broken.
- Provide all the details of your structured settlement in writing to the court.
Once you do everything according to the code, you will most likely get approval to sell and transfer your structured settlement’s rights to another party.
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Why the Courts Need to Approve
Your structured settlement is yours. So why does the government need to interfere with what you choose to do with your money? There are two main reasons why the government has to approve.
Many predatory third parties try to buy structured settlements from vulnerable people. These “financial institutions” will use various methods of coercion and shady business practices to get people to part with their settlement, even if it is not in their best interest.
These predatory purchasers will intentionally go to those who currently face tough financial hardship. They promise them a quick amount of money in exchange for the rights to the structured settlement payments. Once they get the rights, they will either run off with the money or trap you in a horrible deal that leaves you with next to nothing.
This is one of the main reasons why court approval is necessary for transferring a structured settlement to another person or party. The main goal is to protect personal injury victims and help them retain the rights to their money.
Structured Settlements for Minors
Minors typically receive structured settlements after getting awarded financial compensation. This is primarily because they are not old enough to make proper financial decisions on their own behalf. Until they reach the age of majority, they will continue to receive payments slowly.
Court approval for structured settlements that belong to minors is essential. The court will ensure that the sale of their structured settlement is made with the minor’s best interest as the top priority. In general, the minor can only sell their structured settlement once they reach 18 years of age or the age in which the annuity stipulates they have total control of their funds.
If parents wish to sell their child’s structured settlement, they will need to clear a high burden of proof to the court. Courts will scrutinize every reason provided. Generally, they will not approve unless there is a truly compelling reason to authorize the sale. This is so parents cannot steal their child’s money and use it for their own selfish reasons.
What if I Need Money Now and I Don’t Get Approved to Sell?
If you are unable to sell your structured settlement, there is still hope. You can apply for structured settlement funding that comes in the form of a loan to help you get by. You don’t have to wait for slow payments to trickle in every month while your financial situation worsens.
If you want to apply for structured settlement funding, all you need to do is:
- Submit an application in person or online. You only need to provide us with the basic details of you, your lawyer, your case, and the amount of money you need.
- Our team reviews your application and will follow up with you or your lawyer for more information if needed.
- Upon approval, you will quickly receive your funds. You pay us back with the settlement payments that come in every month.
Our application process is fast. You can receive a notification of approval within 24 hours. You do not need to provide any proof of employment, and we do not ask for you to go through a credit check.
Get Help from Silver Dollar Financial
If you need money and could not get approval through the court to sell your structured settlement, consider applying with Silver Dollar Financial for funding. Our mission is to help personal injury victims get the money they need now to head towards recovery and healing. Call us today at (844) 871-0628.