As if it wasn’t bad enough that you’ve undergone an experience that has resulted in some sort of lawsuit, you now have to wait several months, if not years, to be paid out the money you’re owed. Structured settlements typically take a long time to be paid out, which is why people opt out to sell structured settlements instead.
Whether you need to pay off a large debt, provide medical care for you or a loved one, purchase a new home, or more, selling your structured settlement is a great option.
How Much Money Will I Get?
This is always the first question people have when they’ve made the decision to sell structured settlements. The answer all depends on a few factors. However, if you are working with a reputable company, they will make sure that you get the highest possible amount of money in the fastest possible time.
The process can take a few months, but once it’s approved by the court, you will receive your money via a check or even wired directly into your bank account.
Are There Any Penalties?
In terms of taxes, the IRS has ruled that the sale of a structured payout would not create tax penalties. As long as the transfer complies with federal and state laws, you should be able to avoid any tax penalties in relation to selling your structured settlement. If you have any further questions, you may want to speak to an accountant.
Contact We Pay More Funding LLC for more information.
