What Could You Sell Your Structured Settlement to Invest In?
Did you know that over 37,000 Americans use structured settlement money every year? In fact, more than $6 million is paid each year to fund new structured settlements, with the average structured settlement payout being $324,000.
But what do those 37,000 Americans do when their structured settlements aren’t enough? It’s their money. Shouldn’t they be able to get it when they need it?
The answer is yes and no. It’s possible to sell your structured settlements and get the money you need, but that doesn’t necessarily mean you’ll be able to. In order to sell structured settlement payments, a person needs to go before a judge for approval.
If you’re thinking about selling a structured settlement, you need to have a good reason to do so. Here are just a few of the reasons a judge might approve a structured settlement sale, and a few of the reasons she or he may not.
The Cost of Tuition For Higher Education.
Purchasing a New Home, or Fixing Up the House.
Launching a New Business Venture.
Buying a Car, or Some Other Reliable Form of Transportation.
Unexpected Medical Expenses.
Paying Off Debt, Such as Credit Card Debt.
Risky Ventures Into the Stock Market.
The Latest Home Theater System.
Luxurious Family Vacations to the Tropics.
The Latest and Greatest Luxury Items, Like a New Boat.
The Hot, New Fashion For the Season.
Antiques, and Collectibles.
If the sale is in the best interest of the seller, the judge will generally approve the sale. It’s usually that simple. Paying off debt, or making a sagacious investment are generally good ideas, while spending the money on risky ventures or material goods that won’t advance the seller’s life in any way are typically considered bad ideas.
If you have questions about the companies that deal with purchasing structured settlements, or just about the general process of selling structured settlements, feel free to share in the comments.