Recently, two Long Island women were hospitalized with serious injuries after a single vehicle accident on the Palisades Interstate Parkway. One woman was a passenger when it rolled and hit a tree at Stony Point.
Authorities reported the passenger had multiple fractures and there was a possibility she suffered internal injuries as well. The driver was lucky as she was able to release herself from the vehicle. She was taken to a nearby hospital where her condition is said to be serious.
Both women live on Long Island and are in their 20s.
The cause of one vehicle accidents are hard to establish until the car has been thoroughly examined and witnesses have come forward with statements. Most likely, the passenger was not at fault. In most instances, inattentive driving is the reason for one car accidents.
However, defective auto parts or negligent maintenance are notorious for causing serious accidents. In recent lawsuits, faulty ignitions have caused a number of accidents as have defective tires.
If the driver is not to blame, both the passenger and driver may be entitled to file a lawsuit against the at fault party. The ultimate settlement or other resolution would reflect damages including loss of wages, out of pocket medical and other expenses, and pain and suffering.
Most automobile negligence lawsuits are pursued by an attorney who is retained on a contingency fee basis. That is, the attorney only earns a fee if the case is successful. Out of pocket attorney’s fees are of little concern for these plaintiffs.
What is of concern however, is the amount of time that must pass between hiring an attorney and finally receiving compensation for injuries sustained in the car accident. In fact, many plaintiffs find themselves in need on financial help while the long, drawn out litigation process unfolds. Expenses rarely cease so victims often search for other sources of money while they wait.
Lawsuit loans are one such source of funding. In the last decade, thousands of people have tapped into this pool of funds to help fray expenses while a personal injury lawsuit is pending.
Lawsuit loans are financial transactions where a lawsuit settlement funding company advances money to a plaintiff and the plaintiff pledges a portion of the settlement, once the case is resolved successfully.
These deals are structured as a sale of property rights and as such are not technically “loans” which would imply the obligation to repay at some future date. Instead, lawsuit loans are not repaid if the case is lost. Therefore, lawsuit funding is ‘non recourse’ funding to the extent the settlement loan enterprise cannot pursue the plaintiff if he/she fails to recover any money from the lawsuit.
Because of this, credit checks are not necessary. Nor are there any upfront costs with lawsuit loans. Most importantly, there are no restrictions on the money’s use. The advance can be used at the plaintiff’s sole discretion.
