Seeking Structured Settlement Transfer Approval?
You Must Disclose Your Financial and Economic Situation for the Courts to Consider First.
The transfer company is required to submit this information along with other personal information to the courts in special format before the schedule hearing.
The court will be looking for this specific piece of evidence according to the Construction and Application of Uniform Rule of Evidence 106, and Applying Doctrine of Completeness to Writings and Recorded Statements 27 ALR6th 183.
The California Code of Insurance 10139.5(b)(3) states,
"(b) When determining whether the proposed transfer should be approved, including whether the transfer is fair, reasonable, and in the payee's best interest, taking into account the welfare and support of the payee's dependents, the court shall consider the totality of the circumstances, including, but not limited to, all of the following: ...
(3)The payee's financial and economic situation."
Notice how the law states "the court shall consider". The law isn't saying they're looking for a perfect financial and economic situation.
What is the law looking for in your financial and economic situation?
What is your monthly income, if any?
What is your monthly output?
Any major investments?
Any major expenses?
Any economic hardships?
For more information, contact an independent professional adviser as soon as possible regarding the type of personal and financial information the courts will need to consider about you, the payee.
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