Legal Funding: Facts and Benefits of Pre-Settlement and Litigation Financing
There are different terms for legal financing such as third-party funding, professional funding, litigation financing, settlement funding, lawsuit loans, legal funding, and litigation funding. It is the mechanism by which litigants and law firms are financing their litigation other legal costs through a third-party funding agency. Personal injury lawsuits are usually long, expensive, and stressful so a pre-settlement funding is beneficial to eliminate your struggle in paying your bills and other expenses. Pre-settlement refers to the duration of time wherein a claim has already been presented legally but still awaiting for the settlement judgment, agreement, or verdict.
Being involved in an accident or any incident that caused harm to yourself can be financially devastating, and one way to get compensation for your injuries is to file personal injury claim. The examples of personal injury cases wherein pre-settlement applies include medical malpractice, personal injury, product liability, premises liability, motor vehicle accidents, wrongful death, and general liability. Once you file a lawsuit, the financial company will be doing investigation to study the chances of strength and success of the case, and a cash advance will be given to the applicant after a written agreement of paying after the litigation. A pre-settlement legal funding is non-recourse in nature wherein a plaintiff is only required to repay the loan. What is best about pre-settlement funding is that if you lose the case, you are free from repayment according to the settlement insurance rules. The amount of cash loan you are entitled to get will depend on the amount of money that might be awarded to you after the case is completed. Many insurance companies and defendants tend to only provide the minimum amount of compensation you can get for your claim, but you don’t have to surrender just because you don’t have enough money to cover your monthly expenses, medical bills, and legal bills, you may consult a pre-settlement funding company to help you out.
When selecting the right case cash advance contract, you need to ensure that you have the same contract rate as you were initially told, and it is crucial to alert the funding company if you receive a contract that is different from what was first agreed. It is best to consult your lawyer about anything that you don’t understand about the pre-settlement contract in order for you to have a clear idea of the amount you’ll receive and the amount that will be deducted from the money you will be rewarded after the trial. We can help you get a legal funding for your personal injury case, just check us out on our website or homepage now.Questions About Resources You Must Know the Answers To