While the laws and requirements vary depending on where you live, regulations require that a Judge approve the transaction before we can purchase your payments.
When your day in court arrives, most states require you appear before the Judge, in person, so that they can review the details of the contract and possibly ask you questions about your goals.
Preparing To Appear In Court
In the time between when we receive your completed purchase contract and when you appear in court, our representative will answer your questions about the process and help you prepare to answer some of the questions the Judge will likely ask. On the day of your hearing, here are a few things you can do to make the process go as smoothly as possible:
- Bring Valid ID: Courthouses are government buildings with strict security. Make sure you pack an official photo ID.
- Dress To Impress: Dressing professionally shows the Judge you’re taking the matter seriously. Dress like you would if you were going to a job interview.
- Have A Plan For Your Money: The Judge might ask you what you plan to do with a cash lump sum. Having a plan to show them shows you have really thought this transaction through.
- Prepare A Budget: Some Judges might want to see that you’ve planned for how the reduced future payments would impact your spending. Having a budget shows them you understand your finances and the impact of the transaction.
- Arrive Early: Like a job interview, being on time is a great way to make a good impression. It’s a good idea to show up early in case you have trouble finding the court room where your hearing is held.
What Questions You Can Expect
It’s the Judge’s responsibility to review your transaction to make sure that it complies with your state’s structured settlement protection act, and that you understand it. To help them do this, they’ll ask you questions about the sale. Most of these questions fall into one of three broad categories:
Questions About the Agreement
The Judge will ask you questions about the terms of the transaction and if you understand what everything means, including how it changes your payment stream. Before your court date, you can ask our representatives any questions about the transaction.
Selling some or all of your payments will have an impact on your finances since it reduces your payment stream. Before approving the sale, the Judge might ask you questions about your budget to make sure you’ve thought about how you’ll cover costs without the payments you are selling.
What You’ll Do With The Money
Your structured settlement is your money and we believe that you should get to spend it when you need it. However, the Judge might have some questions about what you want the lump sum for before approving the transaction. Getting a lot of money all at once can alter your finances, and a Judge wants to make sure you’ve thought it through. Bringing paperwork that shows what you need to use the money for should make this an easy question to answer.
Do I Need A Lawyer?
Selling your structured settlement payments is not an adversarial proceeding, but it is a legal process. It is up to you to decide whether you want to have a lawyer represent you at the hearing. Peachtree sends a lawyer to your hearing. This attorney is there to represent Peachtree’s interests as the party purchasing your payments. It is important to remember that they are not your attorney. They represent Peachtree during the proceedings and cannot answer any questions the Judge asks you on your behalf.
After asking their questions and reviewing the transaction, the judge decides if they’ll approve the transaction or not. Each state has different requirements, but with our experience buying structured settlement payments, we’re confident that our transactions comply with all laws.
Once the Judge approves the transaction, we can finalize the process and send you your cash lump sum. All you have to do is wait for your money.
Peachtree is a purchaser of assets and does not offer legal, tax, or financial advice. Please contact independent professionals for those services. All transactions are done at Peachtree’s sole discretion.