When someone receives a settlement, they often have many questions. However, the court system typically does not do a great job of answering these questions and explaining your rights before accepting fixed payments. People want to know: can I sell my structured settlement? Do other people do that? What can I even do with the money to make it last?
These kinds of questions are not only important to know, but they are what a responsible receiver of a settlement asks. They are the step towards securing a financial future for yourself and being well-educations on your rights as a settlement recipient helps you do just that.
Before you receive an influx of cash for annuity now that can potentially change your life for the better, there are a few important details that you should know.
Here are 2 common questions people ask (and should know) about their structured settlements.
Am I able to sell my structured settlement for a lump sum?
Typically, it depends on where you live. In New Hampshire, Wisconsin, and Washington, D.C., there are no Structured Settlement Protection Acts, which means that residents in those states aren’t allowed to sell their structured settlements. However, if you live anywhere else in the country, you have the right to sell your structured settlement for a huge lump sum. Talk about fast cash!
What can I do with the money that I get from the lump sum I receive?
Honestly, this ball is entirely in your court. There’s absolutely no limit when it comes to how you spend your lump sum, and however you choose to spend it can impact your life tremendously. Did you know that almost 76% of Americans are living from paycheck to paycheck? Additionally, the average credit card balance in the United States is almost $7,200. With the fast cash for settlements you receive, you can pay off any and all of your outstanding credit card bills and eliminate debt!
Regardless of what led to the settlement in the first place, settlement recipients are extremely fortunate. What will you do with your cash for annuity now? Let us know in the comments below.