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Numerous Reasons Why A Structured Settlement Might Be Denied

While selling a structured settlement can be a simple, straightforward process, there are numerous protections built in to ensure the seller is legally protected from a poor financial decision. Likewise, the company that is planning on purchasing the structured settlement payments must take steps to ensure they don’t suffer financial harm following the transfer of a structured settlement.

A judge might deny the transfer for numerous reasons, including:

  • There is no evidence of financial need.
  • The petitioner can’t sufficiently explain how the money will be used.
  • The contract includes an unfair discount rate.
  • The petitioner has long-term medical care needs related to the settlement that are likely to require many payments.
  • The petitioner did not consult with a legal professional regarding his or her rights and options.
  • The petitioner cannot provide proof of income.
  • The petitioner cannot demonstrate an understanding of the transfer and repercussions of the financial choice.
  • The petitioner began the process of selling by responding to a misleading advertisement.
  • The petitioner displays an inability to manage finances.

Even if the initial transfer petition is denied, the denial is not necessarily final. Based on the judge’s findings and the changing circumstances, the petitioner might, at a later date, find the transfer approved after filing anew. It is not uncommon for a seller to discuss the strength of his or her case with the purchaser. This insight can be beneficial while the seller seeks to overcome the judge’s earlier objections to the transfer. In these instances, of course, it is wise for the purchaser to have a skilled lawyer guiding the meeting.

While the majority of transfer denials are designed to protect the stability and financial future of the seller, it is crucial that the buyer also takes steps to protect their own organization. With the guidance of a skilled legal professional, critical missteps can be avoided. Seek the counsel of an experienced attorney to discuss your options.

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