There are both federal and state laws that address whether you can sell your future payments and what the selling process is like. And, as you might imagine, most state laws are different from one another. If you live in Texas and are interested in selling your structured settlement for cash, below is a brief overview that can be a good starting point in your research.
First, to qualify for a sale, you must have future payments from a settlement as described here under “Definitions.” Under federal law, the sale of structured settlement payment rights must be approved through a court order where you live. The court will confirm that selling your settlement is in your best interest and the best interest of your dependents and that it would not violate another court order or any other law. The appropriate Texas court will review your situation and approve the transfer of your future payment rights.
Texas’s structured settlement law* requires a few things to be confirmed:
>The transfer is in your best interest, considering the welfare and support of your kids and any other dependents, if you have any (just like with the federal law),
You have been advised in writing to receive independent professional advice about the legal, tax, and financial sides of the transfer (or you have waived your right to receive this advice), and
The transfer does not go against any law, court order, or governmental authority.
This might sound like a lot of criteria to sell your 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’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. A real person will also stay with you every step of the way, making sure you are doing what needs to be done.
If you are still looking into your financial options, we welcome you to check out our free, no-hassle structured settlement calculator 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. Then, 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 Texas structured settlements in this article and wishes to make clear that while the content covers legal elements, this is not professional legal advice.