General Legal Process
First, you should know that all transfers are mandated by Federal and/or State Law. The general legal process broken down goes like this (varies from state to state):
- You decide what you are selling and what you are receiving.
- You receive a disclosure statement outlining those details.
- You sign a contract after 3-14 days of receiving a Disclosure Statement. (this is important because we see companies illegally trying to get a customer to receive a disclosure statement and sign a contract on the same day.)
- The company you are working with will file a petition or application in the state in which you reside. The petition puts all interested parties on notice that you are seeking to transfer your payment rights.
- A hearing date for your transfer has scheduled a minimum of 20 days out. In most states, you are required to attend the hearing and testify in front of the Judge.
- At the hearing, the Judge will look over the paperwork and confirm whether or not the statute has been followed correctly and the Judge will then make a decision on whether or not the transfer is in your best interest.
- If approved, you have successfully completed a transfer of your structured settlement payment rights and will receive a lump sum of cash shortly thereafter.
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