PR Log - sell structured settlement payments while going through

Document Sample
PR Log - sell structured settlement payments while going through Powered By Docstoc
					PR Log - Global Press Release Distribution




   sell structured settlement payments while going through Bankruptcy or have been discharged

       By Maryam Golabgir
       Dated: Sep 24, 2010

       Can I sell my structured settlement if I’m going through Bankruptcy or have already filed for bankruptcy?
       Yes, You CAN sell your structured settlement payments, whether you are going through chapter 7
       bankruptcy proceedings or afterwards...

       Yes, You CAN sell your structured settlement payments, whether you are going through chapter 7
       bankruptcy proceedings or afterwards, once your bankruptcy has been discharged.
        In many states, Structured Settlement payments are considered an exempt asset which means that they are
       not subject to the claims of creditors. However it is imperative to let the bankruptcy trustee know about
       your structured settlement and to have the structured settlements listed on your Bankruptcy list of assets. If
       the structured settlement is not included in the asset list, by law the trustee has the right to seize undisclosed
       assets, including your structured settlement payments.
        If you are currently going through bankruptcy proceedings and you want to sell your structured settlement
       payments, your bankruptcy trustee has to be aware of what you want to do and must sign off on the
       required documents. The bankruptcy trustee is the final decision maker and he or she could deny the entire
       structured settlement payment purchase. Therefore, it is important to make sure that your bankruptcy trustee
       is on board with the decision to see any of your structured settlement payments.
        When it comes to selling structured settlement payments, the bankruptcy trustee will first have to obtain
       the bankruptcy Judge’s approval, and then the factoring company that buys your payments will be able to
       apply for a state court order. This is an important point – once the bankruptcy judge approves the sale of
       your structured settlement payments, a state court order is still needed, in order to satisfy the structured
       settlement transfer laws.
        If you are in a state that requires Independent Professional Advice (IPA), the fact that the bankruptcy
       trustee and the bankruptcy lawyer obtained the bankruptcy judge’s approval satisfies the IPA requirement,
       so that a separate IPA is not necessary.
        Let’s say that you have been discharged from bankruptcy then you can sell your structure settlement for
       cash – the decision is up to you, and it is a standard sale. You sign the documents, you make the decisions
       and you get the money. The structured settlement factoring company who is buying your payments will still
       do a search of your past records. The company will see that you have been discharged from bankruptcy and
       it will want to make sure that you have listed the structured settlement payments as an asset. If you had
       listed them, then there will be no problem or hold up. If you did not list them, then it is a problem, and both
       you and the company buying your payments will have to put some extra work into getting you your cash.
       What you have to do will depend on your situation. We have faced this situation number of times, and the
       vast majority of times we have solved the problem and funded our client.
        Your structured settlement payments may be an untapped resource that you can use to get out of
       bankruptcy proceedings faster and get on with your life. It is very important to deal with a company that has
       the experts who know how to transfer structured settlement payments and can deal with any problems that
       come up!

        Please call us if you have any questions about any part of the process – 1-866-256-0088

       ###

       Strategic Capital Corporation purchases structured settlements, lottery winnings, annuities, casino winnings
       and other future payments in exchange for a lump sum.



                                                           Page 1/2
PR Log - Global Press Release Distribution




http://www.strategiccapital.com

Category           Finance, Insurance, Business
Tags               bankruptcy trustee, structured settlement, stratcap, strategic capital, chapter 7 bankruptcy
Email              Click to email author
Phone              866.256.0088
Fax                866.233.0863
Address            575 Madison Ave Ste 1006
                   New York, NY 10022-2511
City/Town          New York City
State/Province     New York
Zip                10022
Country            United States




                                                        Page 2/2

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:2
posted:10/15/2011
language:English
pages:2
opzroyikiwizik opzroyikiwizik
About