After thinking, deciding, shopping around, asking for price quotes and signing documents, we're getting here to step 4 of the process of selling your structured settlement payments.
4. Filing a court petition and the cooling off period
Entering step 4, you can sit back and relax.
Now is the turn of the structured settlement funding company to work hard for you, depositing the money they promised you in an escrow account to be ready to pay it out to you once the court approves of the transaction.
The buying company will now file a petition in court through their or your attorney to schedule a hearing and hopefully get approval to complete the sale.
This is a relatively longer phase. In most cases, it will take at least 30 days before the hearing is taking place, and in many cases more than that. Typically, you can expect a waiting time of between one and two months.
In the meantime, you will have what is referred to as a "cooling off period." This is the time to reflect and contemplate on your signed settlement transfer agreement.
By now, your initial enthusiasm for selling settlement payments may have somewhat subsided.
Are you still sure you want to keep the offer and finalize the deal?
Are you even more desperate now to sell your payments and the cash out?
Be on top of things, though and stay in touch with the company. Make sure things are going well and they are active and working to find you a court hearing date as soon as possible.
Delays could happen. Obstacles may occur and technical issues may emerge, but be sure the buying company is taking action to solve matters quickly and not just dragging on time and delaying your sale.
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