When a minor receives compensation for their injuries and damages, they will typically receive them in the form of a structured settlement. Structured settlements slowly pay out compensation over a fixed period of time. This is in contrast to a lump sum settlement, which gets paid out all at once.
There are times when the payments from a structured settlement do not come in fast enough to cover all of your expenses. When this happens, parents will typically try to sell their child’s structured settlement for more money immediately. If you need cash now and your child’s structured settlement payments just aren’t cutting it, you can call us at (844) 871-0628 to learn more about all of your financing options.
Laws Regarding Selling Structured Settlements
The Official Code of Georgia Annotated (OCGA) §51-12-71 states that the transfer of rights to a structured settlement from one party to another must have approval from the court to do so. The reason for this is primarily to prevent fraud but also to ensure that selling the settlement is done so in good faith.
With settlements for minors, the parent or guardian responsible for them will need to prove to the court that they are selling the rights to their structured settlement in their child’s best interest. Parents will have to complete several documents and concretely establish that their child’s welfare will improve by selling their settlement to another party.
Selling a minor’s structured settlement can be extremely difficult. The courts will often harshly scrutinize why the minor’s settlement is getting sold off. If there is any suspicion at all, even if it is not true, about the intentions of the parents, then the court will not approve.
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Why People Sell their Child’s Structured Settlements
Structured settlements help minors budget their settlement wisely. Most young and impulsive people tend to squander money once they receive a large lump sum. To curb this problem, getting slow and methodical payments from a settlement will help them control their spending habits and allow them to build up their funds until they reach financial independence.
However, structured settlements are also notorious for being incredibly slow on payments. Some terms on structured settlements will take many years for individuals to fully receive the entirety of their settlement. When you have unpaid expenses and damages that need to get paid, slow trickling payments do not help.
Thus, people sell structured settlements to cover expenses such as:
- Lost wages and reduced earning capacity
- Living expenses such as food, utilities, etc.
- Medical expenses, prescriptions, hospital visits, etc.
- Medical equipment, physical therapy, rehab, and assisted living expenses
- Vehicle repairs
- School and tuition fees
Even though the Official Code of Georgia Annotated (OCGA) §9-3-33 states that there is a two-year statute of limitations, that is only for the time period to file a claim. There is no statute of limitations on how quickly one can receive their settlement. If your family feels trapped, then selling your child’s structured settlement can bring many benefits.
What if I Can’t Sell a Structured Settlement?
As stated prior, selling a minor’s structured settlement can be hard. The requirements are rigorous, and you need to provide compelling evidence to the court. Even if you do all of these things, there is still a chance where the court will deny approval to sell the structured settlement.
If you do not get approved, you still have a chance to get money fast through structured settlement funding. The funding that we provide will help you pay for your damages and expenses in a timely manner. Instead of having to wait every month for a small check, you can get access to your money fast and prevent debt from accruing.
Structured Settlement Funding Can Help
Structured settlement funding works like a cash advance. In as little as 24 hours, you can receive money quickly to pay off your bills. Applying is very straightforward and easy. All you need to do is:
- Apply online or apply in person.
- Our team will review your application and make a decision.
- If you are approved, you will receive your funds, and you can use them as you wish.
While you can sell your child’s structured settlement, you will have to go through the courts for approval. Our approval process is not only fast, but it is safe and secure. We do not engage in predatory lending practices and are open and transparent with everything we do.
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You can sell a minor’s structured settlement, but not without jumping through several legal hurdles first. If you need financial assistance now, Silver Dollar Financial is here for you during these challenging times. You can apply online for free using our application form. If you have any questions, do not hesitate to call us at (844) 871-0628.