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You have probably seen one of those television ads from JG Wentworth or Peachtree Settlement Funding offering to buy your periodic payments from a lawsuit or lottery for a lump sum? Periodic payments are defined as recurring payments and future lump sum payments. If you are thinking about selling your payments for a lump sum, here is a brief article designed to answer some of the most basic questions about the transfer of structured settlement. If you have any further questions, please feel free to call our office.
How do I begin the process?
In most situations, you begin by calling the company that you are interested in, for example JG Wentworth or Peachtree Settlement Funding. There are several other companies in the same line of business so you should shop around. The company will provide more information on what to do next. For example, you may have to fax them proof of ownership of the payments you are trying to sell.
Do I need to get a lawyer?
According to the statute, no transfer shall be effective until the payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received the advice or knowingly waived the advice in writing. Although you technically have the right to waive legal representation in writing, most companies will require that you seek legal representation.
Do I have to go to court?
The judge in the county where the application is filed is required to determine if the transfer is in your best interest. The judge has to take into account the welfare and support of your dependents, if you have any. The judge will usually ask several questions about your life, what the money is for, and whether you have other sources of income among other things. There have been situations where the judge signed the transfer order without holding a hearing but it is indeed a rare occurrence. Most courts will require a hearing.
How long does it take before I get the money?
The process of preparing the paperwork, filing it in court, and securing a court date can take up to two months. As soon as the judge approves the transfer and the order is sent to the company, the funds are released within a day or two.
Are there any penalties for cancelling?
You can cancel the deal anytime including the day you appear in court. It becomes a bit more difficult to do so after the order is signed by the judge. There are no penalties for cancelling but always check with the company.
Since 2004, the Law Office of Papa M. Dieye has successfully helped clients transfer their periodic payments for lump sums with companies such as JG Wentworth and Peachtree. We have the experience and the expertise to help you understand the process and prepare you for your day in court. Please call us at 713-206-9451.
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