Sell your structured settlement for cash, what does Alabama law say you can do?

Many residents of Alabama struggle with the question of how they can go about the process of selling their structured settlement income, so as to raise cash they need now in exchange for a reduction in their promised future payments. What makes these questions difficult is not that the process is overly complex or with out regulation, but the fact that most people enter into the process with almost no knowledge of what the law in their particular state is. 

Instead they are led by phone, TV, radio or internet solicitation to call a number, contact an expert and start the discussion about one of the most important financial decision you might ever make, but you are doing it under duress and with limited information available. The fact is that 48 states, with Alabama being one of them, have strict laws and procedure that must be followed by a structured settlement purchaser or factoring company when they work with you to sell future payments. Did you know:

  • There is a law called the Alabama Structured Settlement Protection Act which has been in place since 2001 and which outlines the fact that you need court approval before you can sell your structured settlement income?
  • That under that law you have the right, and in 9 states currently are required, to engage an Independent Professional Advisor to assist you with this process?
  • That a firm offering you cash now, really can't give you "cash now" for your structured settlement but must develop a series of legal documents, pricing illustrations and other material so that a court can approve any deal as being in your best interests, before you can effectively sell your payments?
  • That many times once you start the process of selling your structured settlement that you will be contacted by many firms all looking to replace the purchasing company that you started the process with and you will need to fend off those calls and sort out competing offers?

In effect, you need to understand that this is a transaction where you will benefit from working with reputable companies, obtaining professional assistance and making sure that when you get to court your sale will be approved as the documents, legal process and financial particulars are all in order. This is no longer a transaction where you should attempt to go it alone!

The Structured Settlement Expert Directory is in place to specifically help Alabama residents find local structured settlement experts whether they are currently being offered a settlement in litigation or looking to sell future payments for cash. Please contact us so we can put you in touch with the Alabama structured settlement expert and talk with them about the process instead of going it alone.