More details to this question:
I'm 19 years old and I receive a settlement when I’m 21 and 25 and I’m trying to buy a car, start a business, and take some college classes. Is there any way I can receive this money early without going to an investor or a company that will buy it for a large amount of interest? Would a judge give an order to receive this early? Also what kind of court would I need to go to? I know I won't receive 100 percent of my money because it is earning interest right now but I would get a larger portion if this came through. Let me know, thank you.
10 ANSWERS
James Eugene Hasser
Talk to the lawyer who represented you that had them set up the structure. There may be some ways to liquidate the trust. Good luck.
Answered on Dec 11th, 2013 at 9:52 PM
Thomas Edward Gates
You cannot get the money early. In addition, your stated reasons does not hold water.
Answered on Dec 11th, 2013 at 9:52 PM
Chapter 7 Bankruptcy Attorney serving Syracuse, NY
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Andrew T. Velonis, P.C.
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The answers to your questions are "no" and "no". Go ahead and buy the car, start the business and take some classes as if there never was a settlement. Then when the money does come in, you will be ahead of the game. That's why we have structured settlements.
Answered on Dec 11th, 2013 at 9:52 PM
Personal Injury Attorney serving Charlotte, NC
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Paul Whitfield and Associates P.A.
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A lawyer needs to review your documents and see what if anything can be done
Answered on Dec 11th, 2013 at 9:52 PM
4 Awards
Why don't you visit your local bank and use the structured settlement as collateral? Obtain enough cash so that you can make the monthly payments until age 21, when the lump should give you enough to make the payments until age 25.
Answered on Dec 11th, 2013 at 9:52 PM
You can approach the company which is supposed to pay you about an early payout, and file a motion with the court for approval. It would entail receiving less money since you would get it early.
Answered on Dec 11th, 2013 at 9:51 PM
Commercial Contracts Attorney serving Boise, ID
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Peters Law, PLLC
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You might try talking with the people who hold the money and see if they would agree to a modification, but frankly I don't think that will work. And it is too late now to go back and change the judgment. So only somebody that is willing to advance on the payments is your likely hope.
Answered on Dec 11th, 2013 at 9:51 PM
Edwin K. Niles
Can't respond without more background. Better talk to a lawyer about going to court.
Answered on Dec 11th, 2013 at 9:51 PM
You can do whatever the agreement stated when the structured settlement was put in place. Without knowing the terms of the agreement all lawyers can do is guess and that won't help you.
Answered on Dec 11th, 2013 at 9:51 PM
Ronald A. Steinberg
Do you realize how big a "hit" or discount you will suffer it you cash this in early? I suggest that you wait. Because you really do not have a clue as to what you want to do with your life, I can promise you that you will waste the money. The worst investment you can make is to buy a car; the instant the front wheels hit the street as you leave the dealership, the value of your 'investment" drops by about 25%. If you won't listen to an older and certainly wiser person (me), then I suggest that you go to a bank and ask if you could borrow money, putting the structured settlement up as collateral. If you insist on being stupid, and believe me, you have the constitutional right to be stupid, then get a lawyer to file a motion to ask the judge to allow you an order to compel an early payout. Between the lawyers fee and the discount, you will probably give away half of your money.
Answered on Dec 11th, 2013 at 9:51 PM