Required Reading
- Disadvantages Of Keeping a Structured Settlement
- Get Cash For Structured Settlements
- FAQ's On Structured Settlements
- Structured Settlement Present Value
- Settlement Phrases To Know
Structured News
Structured Settlement Federal Tax Info Links
- IRS Structured Settlement Factoring Article
- IRS Tax Reported on: For transactions that do not meet the conditions for exemption
Did You Know?
Money in the future is worth less than money today.
To think of it in simple terms, if you loaned a person $1000 today and they said they would return the $1000 in 10 years. You lose all the value of today's money and future interest if you invested the $1000 in your savings account over the same 10 years. Also inflation and prices of almost everything increases in 10 years. There is also the risk if the person will pay it back and on time.
So you would not be able to buy as much with that $1000 that would be returned in 10 years. So $25,000 paid in 50 payments of $500 per month for next 4 years, may be worth today $18,506.44 +- or less. There is also the un measurable factor of "Needing a large amount of money now". To get super technical if your up for it you can read an economics presentation outline from the University of Wisconsin with examples of present value and the value of money. Read More >
Do you have a structured settlement? Are you set to receive future payments for a lawsuit settlement? If so, you may be able to sell your future payments and get a large amount of cash for the payments. Get started >
Sell Your Future Settlement Payments For CASH
< Go Back Structured Settlement Guide For IllinoisBelow is local Illinois information related to courts, and structured settlement topics. You may have to visit or phone call a local Illinois courthouse when working with your structured settlement.
Illinois Settlement News
Illinois City Court PagesClick to go to Site: Illinois Circuit Court Pages Click to go to Site: IL County Court Page
Structured Settlement Illinois State Laws(215 ILCS 153/15) Sec. 15. Approval of transfers of structured settlement payment rights. No direct or indirect transfer of structured settlement payment rights shall be effective and no structured settlement obligor or annuity issuer shall be required to make any payment directly or indirectly to any transferee of structured settlement payment rights unless the transfer has been approved in advance in a final court order or order of a responsible administrative authority based on express findings by such court or responsible administrative authority that: (1) the transfer is in the best interest of the payee, taking into account the welfare and support of the payee's dependents; (2) the payee has been advised in writing by the transferee to seek independent professional advice regarding the transfer and has either received such advice or knowingly waived such advice in writing; and (3) the transfer does not contravene any applicable statute or the order of any court or other government authority. (Source: P.A. 93‑502, eff. 1‑1‑04.) (215 ILCS 153/20) Sec. 20. Effects of transfer of structured settlement payment rights. Following a transfer of structured settlement payment rights under this Act: (1) the structured settlement obligor and the annuity issuer shall, as to all parties except the transferee, be discharged and released from any and all liability for the transferred payments; (2) the transferee shall be liable to the structured settlement obligor and the annuity issuer:... * See more and actual structured settlement statutes at Illinois State government law site pages
IL Help Sites Structured Settlement Related Issues
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