kent - Seeking a legal advice in Structured Settlement selling

While the Net provides an invaluable option to assist in researching topics normally reserved for experts, it is not intended to serve as a substitute for seeking professional advice whether legal, medical, or financial. Depending on the author and purpose of the post, there could be several conflicting opinions on the same issue. The objective for this article is to provide the necessary information to assist an individual considering the sell or transfer of a structured settlement. Because each structured settlement is particular and unique, it is the responsibility of the seller to seek legal advice before forfeiting rights to future payments. Unfortunately, there have been many examples of recipients of structured settlements being taken advantage of by companies preying on their financial hardships. In an effort to prevent this from happening, most countries have adopted a Structured Settlement Protection Act (we talked about it in my previous article, few time ago)?that allows the sale of future payments if certain requirements are met. Seeking legal advice from an estimable attorney with experience in structured settlement laws will ensure that the seller has all the facts before making the decision to sell.?Most countries followed a model when using the Structured Settlement Protection Act requiring certain conditions be met before the sell or transfer of structured settlement payments. Following are the common requirements that must be met from country to country:

• the seller must be given full disclosure about the financial terms of the selling;
• there must be a ?cooling off? period after the documents are signed to allow time for the seller to change their mind and erase the selling;
• the seller must be advised in writing to search independent professional advice regarding the selling;
• there must be a court hearing to review and approve the selling. The judge analyzes the seller?s financial situation and the intent for selling the settlement payments and rules whether it is in the seller?s best interests to sell payments;
• the judge must issue a court order approving the selling.

While most countries adopted this general model, every state?s statute could have further restrictions or requirements that must be met. An attorney will review the settlement details, also if there is anti-assignment or anti-sale language with respect to all applicable federal and country laws and provide their professional opinion on whether the selling of structured settlement payments is in the best interest of the seller.

Source: http://structuredsettlementscompanies.net/seeking-a-legal-advice-in-structured-settlement-selling/

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Source: http://nucyc.livejournal.com/41325.html

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