Structured settlement Protection Act has been implemented recently and the public is happier to know that. Find out the details and the extent of how it protects you and if how well the states are implementing it.
Structured settlement payments are one's peace of mind. Thank God there is the protection already over this issue passed recently by the government.
President George W. Bush signed into law a bill on January 22, 2002. This very law will protect individuals who will choose to sell their structured settlement payments. Selling the settlement terms is now possible to meet the unplanned financial needs of the recipient.
This law actually makes it mandatory for the individuals as recipient of the structured settlement payments to seek court approval before pursing the sales transaction. In addition, this law is in conjunction with the state laws.
As of the present times, over forty states have already passed the corresponding state laws. With such a mandatory regulation over this concern, individuals can now have access to selling their structured settlement payments when immediate unforeseen financial needs arise. And sell it safely.
As a matter of fact, you may not even probably hear of this law, the Structured Settlement Protection Act. But if you are one of those individuals receiving payments from a structured settlement, you are one of those protected by this Act.
It is protecting your interests every day when you later choose to sell your settlement payments for a lump sum. The Act ensures that the transaction must be with your best interests in mind. In the same case, you are also entitled to hire professional service or seek professional financial advice for the enlightenment regarding the consequences of the said transaction.
The unfortunate news however is there are still a number of states that don't have this kind of legislation in place yet. The state laws outline the implementing rules, which are very important in this kind of transaction, to protect your best interest.
You better consult your legal counsel when it comes to the respective state law in your area. Inquire what can be done whenever you decide to sell your structured settlement payments or what can be the legal remedy when a state law is not yet passed.
We should be thankful that the choice to sell a structured settlement payment was completely given attention as it had been unregulated in the past causing a lot of negative impacts on the lives of the selling party. After all, the best interest of the public is the best interest of the nation in general. Now, the public will have the necessary protection over the big insurance giants regarding these transactions. When we decide to enter any agreements to sell our very own structured settlement payments, we can be assured of a good deal.
Settlement Payments are Passive Income you Might not Handle Well
The Passive Income from a Structured Settlement can definitely help one from a certain loss or disability. Selling it though gives access to potentially big amount you can't handle well.
A Win-win Solution with Structured Settlement
Insurance settlements can be complicated. This article discusses how the structured settlement payment plans can provide benefits to both the receiving and the paying parties.
Do You Really Need the Money Now?
Selling your Structured Settlement can be a cause of impulse only. Are you really ready to handle such big amount for a long-lasting purpose? There growing concerns over this matter with settlement recipients that the government and concerned financial experts are making ways to educate the public.
