My son has a structured settlement, would the judge allow me to take out money

[worriedmom123]

My sons lawsuit was settled a few years back & I set up payments for him till hes 35 in a structured settlement. My son is now 12, and I am no longer with his biological father(who does not provide me with any type of financial support) My home is going into foreclosure & I cant make ends meet at this time, I need to be able to keep a roof over my sons head, and I need to be able to have a car to take him back & forth to school & other activities. My question is: will the judge allow me to withdraw funds from his settlement to help me get back on my feet? so I can catch up with my mortgage payments & so forth.

Please let me know what my options are.

Thank you

 

[Duranie]

You need to file for child support if not already. Is your son disabled? Do you have a job? You need to be able to support your son without depending on this settlement. You'll have to talk to an attorney to see what your options are.

 

[worriedmom123]

No, my son is not disabled-Thank god, and yes I work & yes I tried filing for child support already. I have always been able to provide for my son, but I like so many others have taken a Huge hit with the economy, and I just cant seem to make ends meet right now, because Im so far behind. I dont want to take my sons money & abuse it, I just want to see if I can get some help to keep our home.

Thanks for your advice

 

[ppicash]

Settlement Factoring for Minors

I have seen a number of these transactions refused in court.

I have seen a few approved, the court will appoint a guardian ad litem to make sure the best interests of the child are met. If you lose your home and end up on the street, that is not in the best interest of your child.

You must have already looked into a company that does these structured settlement factoring transactions. Usually they turn away any request involving a minor due to the extra legal expenses.

You could persuade them to assist you in the transaction if you had your ducks in a row. That might look like recruiting a financial planner who can help you identify a very clear financial plan to address your needs.

There is also the chance that the settlement is too small or too far out, or too expensive to generate the kind of money you need to make things work right now.