Is there anyway to get money out of a structured settlement?

Asked about 3 years ago - Brooklyn, NY

I receive a structured settlement for medical malpractice. I was wondering if there is anyway I could get money out of it? I don't want to sell it to companies such as J.G Wentworth. I want to continue my monthly checks for the settlement..I just need a little extra cash for medical issues. Is there anyway of doing this without having to sell it?

Attorney answers (4)

  1. Jeffrey Mark Adams

    Contributor Level 20

    Answered . This topic has been discussed in this forum before. You may be able to sell in interest in the structure; although, candidly I'm not sure.Structures, as you seem to understand and appreciate, should only be invaded (sold) in extreme circumstances. You will pay a hefty premium with Wentworth (and most companies). There are a few, mostly smaller, that are more reasonable. Ask your attorney or email me. Again, be careful.

  2. Eric Edward Rothstein

    Contributor Level 20

    Answered . Pehaps one of the funding companies will give you a small advance in exchange for a lien on some of the structure payments. This may be complicated though.

    The above is for informational purposes only and not meant as legal advice.
  3. David Brian Snyder

    Pro

    Contributor Level 15

    Answered . There are plenty of companies who will purchase a structured settlement. It requires judicial approval under the General Obligations Law. Consult with your lawyer to see if there is an option and what the costs are.

    There are instances when a sale of a structured settlement could yield benefits. Obvioulsy, there are costs associated with the sale because you will be giving up your future rights for a percentage.

  4. Christian K. Lassen II

    Pro

    Contributor Level 20

    1

    Lawyer agrees

    Answered . Unlikely. Do not sell your settlement to one of these companies which pay you pennies on the dollar and receive a gigantic windfall.

    .

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