by John Darer CLU ChFC MSSC RSP CLTC
The structured settlement protection acts that are in effect in most states, require a judge to determine if your petition to sell your structured settlement payment rights is in your best interest and the best interest of any applicable dependents. The judge may approve or deny your application if he or she determines the structured settlement transfer is not your best interest.
Can you cancel your application at the last minute, literally at the hearing to approve the sale of your structured settlement payments? It seems to me that you simply need to tell the judge that you have had second thoughts and that upon further reflection the sale of the structured settlement is not in your best interest and that of your dependents, and why.
It shouldn't matter whether the buyer is JG Wentworth, Seneca One, Fairfield Funding, or an individual investor, if you have misgivings or haven't thought things through you shouldn't have to go forward if the road seems shaky to you.
Now be aware that if you have been advanced money, depending on the terms of the cash advance, you may need to pay it back. Make sure you bring that up with the judge and describe any pressure you received in the soliciation by the purchaser or the broker, or any of their representatives.
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