You live in Massachusetts and have a structured settlement, but suddenly, a financial need arises. You’ve seen the commercials about getting cash for your payments, but you probably also know that only some people can do this. So, can you get cash by selling structured settlement payments in Massachusetts?
There are federal and state laws that address whether you can sell your future payments and what the selling process is like. Below is a brief overview that can be a good starting point in your research.
Before looking at Massachusetts structured settlement law, we want to note that to qualify for a sale under federal law, you must have future payments from a settlement as described here under “Definitions.” The court will confirm that selling your settlement is in your best interest and the best interest of your dependents and that the sale would not violate another court order or any other law. The appropriate Massachusetts court will also review your situation and confirm whether you are able to sell future payments.
The Massachusetts court will review:
Whether the transfer is in your best interest, considering the welfare and support of your kids and other dependents if you have any (just like with the federal law),
If you received independent professional advice about the legal, tax, and financial sides of the transfer or you have waived your right to receive this advice,
That the amount of money you’re going to receive for your future payments is fair, just, and reasonable.
That you understand that Massachusetts law expects you to handle any disputes according to state law.
In addition, there is a disclosure statement that will need to include some specific details. The full law, including info about this disclosure document, is available on Massachusetts Law: Selling Structured Settlement Payments.
We know that this sounds like a lot of hoops to jump through in order to sell your future structured settlement payments. But if selling is the right move for you, our team at CrowFly will make sure you’re set up for success and that you understand what needs to happen in the process. We’ll stay with you every step of the way, making sure you are doing what needs to be done. We’ve created a first-of-its-kind platform where sellers receive the most money for their payments and get all the information they need to make the best decisions.
If you are still looking into your financial options, we welcome you to check out our free, no-hassle structured settlement calculator on our homepage to see how much you can expect to receive for your future payments. We do not even ask for your contact info to use this tool.
If and when you’re ready to talk more about selling your structured settlement payments, get started or give us a call at 833-CROWFLY.
*Crowfly offers advice on Massachusetts structured settlements in this article and wishes to make clear that while the content covers legal elements, this is not professional legal advice.