Part 7 – Court Order Process
Now that we have all of the documentation needed to go to court, it is time to prepare the documentation needed for filing of the court action. Typically, the court action will take place in the County and State in which you reside, but this will depend upon your individual State Statutes, if any.
To file the case, the appropriate petition paperwork will be prepared and sent to the court house for filing. At that time, the file will be stamped as received and the best available court date will be set. It is imperative to note that, depending upon the schedule and traffic of the court house in question, it can take up to several weeks to determine when a court date will be assigned.
Once a court date has been set, then a “Notice” will be sent to all interested parties in the transaction. Interested party usually means the customer, their beneficiaries and dependents, the Annuity Issuer and the Annuity Owner or any individual with continuing rights or obligations under the structured settlement. The Notice will inform you of the date, time and location of the court action.
You should plan on attending the court hearing, as many judges will want to ask you several questions about the transaction. You should be fully prepared for court and be able to attest to using the money for the same reasons you stated in your affidavit. Hearings can take anywhere from a few minutes to a few hours. The Judge’s job, in most states, is to determine if the transaction is in your best interest while taking into account the welfare and support of you and your dependents. Some states apply an imminent financial hardship standard for the Judge to apply to the transaction.
Once the judge approves the court order, they will sign the order and deliver it to the clerk of the court for stamping. Judges can sign the order on the day of the court hearing or they can consider the action and sign it some time in the future. This all depends upon the Judge. In order to move to the final step of auditing and funding of the transaction, a filed and stamped copy of the Court order is needs to be received by Prosperity Partners.
Stay tuned for next week’s final blog on auditing and funding of the transaction. This is the time when all of your hard work and dedication to the transaction pays off and we are able to send to you the money.
Related posts:
- Part 6 – Prior Transactions
- Part 2 cont. - Beginning the Process
- Part 3 Continued – Disclosure and Transfer Documentation
Submitted to The Process Start to Finish
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