Can we find a way to sell these structured settlement payments?
My girlfriend is 20 years old currently and she is 8 months pregnant with our first child. When she was 14 she was involved in a accident to where she lost her mother and her 3 siblings in a car accident. She wasn’t around much when the settlement process was going on but after it finished her and her surviving brother both in structured payments are planned to receive 86,000 in money from the time it started until the time they’re 32 years old. So a span of 14 years and they receive 500$ monthly and then they will both get two lump sum checks during that span. What me and my girlfriend are trying to figure out is why on the court order it states “The payments cannot be accelerated, deferred, increased, decreased. Nor can any Plaintiff or Payee sell or mortgage.” We’re trying to figure out if there’s a way to overrule this but will we have to go to the county where the judge is and have a court date scheduled? If so the only way we’ll do it is if we know we’ll win and for the judge to change the ruling allowing us to sell the payments so we can afford our bills and so my girlfriend can go to college without financial debt and so we can raise our soon to be here baby boy without much stress of finances
- JZDLv 75 months ago
Structured settlement are put in place for a reason. Your GF was a minor when the court process was in place and is now of majority. She can only vary the SS by way of a further court order, and the circumstances in which this can be done are extremely rare.
That would require her to apply to the same court, serving the application upon the (defendant?) paying party and making out the necessary criteria.
Note: "I need the money now" is not one of them.
As a lawyer myself; it would be a futile and indeed mad thing to do. A regular guaranteed monthly income beats a lump sum every time.
- 6 months ago
If court have given order regarding your case then you cant do any thing.
only way is to control the situation that you can appeal in the higher court of that area against the judgement given to you. for more legal queries visit Lawtendo website they will suggest you the best way to handle the situation.
- Nekkid Truth!Lv 76 months ago
To do school without debt, apply for grants and scholarships.
You should be able to afford your bills with both of you working.
That additional $500 a month can either go towards student loans or into savings so you can have a downpayment for a house.
A large sum of money wont solve your financial problems. Better planning will. Budgeting and living within your means will.
- lucyLv 76 months ago
The reason they have structured settlements, is that many young people, if they get a large sum of money spent it, usually a car, then blow the rest and then there is (nothing) left.
There are some companies that advertise that they will buy your settlement, but they will pay on average of 50%. So you get $40,000, then w/in months or (maybe) a year is gone (forever). What do you plan to do then?
Child care can easily cost you $500 a month, or pay off student loans. $500 is not a lot, but believe me when she reaches 32 and it stops, then she will be upset, since this money comes every month, thus to lose it maybe affect her current situation at that time.
Now (IF) she was sick/dying, then could see a judge allowing to take to pay for her medical care and medical bills. .
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- Common SenseLv 76 months ago
There is no "we" regarding anything to do with you in her settlement.
If she cannot even manage free $500 monthly payments and had even gone into debt after receiving $6,000.00 free money per year, then no judge is going to release additional funds to a girl who cannot manage money in the first place. Those structured payments were done to HELP her afford a lifestyle, not live above her own earning means and that of a $6,000.00 free yearly income.
Money is not the answer to people who cannot handle money properly. Unless and until she learns how to manage her money, more money will not set her free.
Those structured settlements are set up that way for a reason, to HELP your girlfriend, not to be a co-dependent in her poor financial planning matters. I do not think a judge will even consider changing a binding settlement contract.
The reason why the verbiage is the way it is written in the settlement is so that your girlfriend cannot possibly get a hold of any more than $500. at a time, monthly. You say she wants the money for school.......well, she HAS the money for school, every month she has $500 toward school.
Work, pay off debts and stop spending more than is earned. Welcome to the real world.
Save your lawyer dollars, no judge is going to reverse the settlement. Also, another reason why she cannot wager her settlement payments is because they are only doled out $500. per month so she gets $500 per month. Loan people who lend you money are going to do so with a very high interest rate and the judge knows that. It is his job to PROTECT the settlement so she GETS the full $500. per month, as written in the settlement contract, which is a legal document and cannot be changed.
She needs to learn how to handle her finances and STOP living above her means. My God, if I received $6,000.00 a year, I would save at least half of it for a good down payment on a house one of these days.
- Anonymous6 months ago
Her agreement not yours in any way shape or form! Stupid having a child you can not even afford unless YOU can somehow swindle her out of some of tese funds. At this point you are a mere shackup and the best YOU can do is shut your mouth and stay out of it!
- ArimatthewdaviesLv 76 months ago
1800 cash now there's a constant TV commercial about this place
- KjelstadLv 56 months ago
Paying a lawyer thousands at a chance to cut your payments in half is a terrible idea. Another terrible idea.
- 6 months ago
There is no way to overrule the court order, no.
I'd say that getting a check for $500 a month above and beyond what you make at work would be very helpful. Having it all at once honestly isn't going to make a difference.
- davidmi711Lv 76 months ago
I order to even attempt such a modification, you will need a lawyer. Even with a lawyer there is a very good chance you will lose.