Understanding Lawsuits and Lawsuit Funding Basics
Suing someone is normally a long and costly process. Many clients struggle with their expenses while waiting out the legal process. Plaintiffs could simply settle a case for whatever is offered by the defendant, but usually these offers are usually less than fair. Because living expenses must still be paid, the financial problems that arise are the very reason for lawsuit funding. Understanding lawsuit funding basics means acknowledging that lawsuit loans level the playing field between plaintiffs and insurers by offering immediate cash to litigants prior to settlement. As a result, plaintiffs can refuse “low ball” settlement offers and wait out the process for fair compensation.
Personal Injury Lawsuits (Funding) Basics
When a claim is made and cannot be settled between the plaintiff and the insurance company, plaintiff’s attorney will either abandon the case as not economically viable or file a complaint so the court system can adjudicate the claim. At that point, an often lengthy and costly court process begins.
After the defendant is served with the complaint, he/she normally forwards the documents to their insurer who then hires attorneys to defend the case. They enter their appearance and the clock starts ticking.
The next step is normally the discovery process. The legal system’s mission is to adjudicate disputes fairly. In an effort to do so, the courts require both parties to state their side of the story before trial. There may be many steps to this process but normally in a personal injury action, both parties are sent interrogatories (questions) concerning the transaction or occurrence in dispute, the level of damages the plaintiff sustained, etc. Generally, the plaintiff will lay out his/her case alleging negligence and setting forth the extent of the injury.
A likely next step is deposition testimony where the parties are asked questions by attorneys to fill in the gaps left by interrogatory answers. Depositions of experts, which are used if the negligence cannot be adequately assessed by laypersons, is also permitted.
Once the discovery process is complete, plaintiff’s attorney then makes a demand for settlement. At that point the negotiation begins. If the case is not settled, then the matter is set before a judge for trial. Many jurisdictions require a mediator or arbitrator to hear the case before a jury is selected.
A mediation is an informal presenting of facts to an impartial third party such as another attorney with experience in the settlement of certain types of cases. An arbitration is a more formal proceeding in which both sides put forth testimony and the arbitrator recommends a resolution (settlement amount).
If all of these steps fail to bring the matter to conclusion, the case is placed on the trial calendar to wait for an available judge.
As one might suspect, the above described process can be a lengthy one, often taking years before a trial date is set. What is worse is that the extent of the client’s treatment may delay the process even further.
A plaintiff who is seriously injured may not be able to work in the same capacity as before the injury. His/her finances will logically suffer and before he/she is compensated, the litigation process must be endured.
Understanding Lawsuit Funding Basics Can Help
Lawsuit funding provides cash now for plaintiffs prior to settlement or trial. The money can be used to pay for daily living expenses, debt, asset acquisition and other expenditures. In fact, there are absolutely no restrictions on the use of a lawsuit funding cash advance.
The primary requirements for lawsuit funding (lawsuit funding basics) are the following:
- Client must have an existing case
- Client must have an attorney
- Client’s attorney must be retained on a contingency fee arrangement (meaning there is no attorney’s fee if the case is unsuccessful)
If an applicant has the above, then he/she can be considered for funding. The general funding steps (lawsuit loan process) are as follows:
- Client calls in and is screened for qualification
- Client submits an application for lawsuit funding
- Company requests the relevant paperwork from client’s attorney
- Company receives relevant paperwork
- Company underwriter reviews the file and contacts client’s attorney
- A decision is made whether to offer funding and how much will be offered
- Client receives a written offer
- Client decides whether to accept the offer
- If so, client signs the agreement
- Client’s attorney signs a portion of the agreement indicating it will be paid at the time of settlement
- Signed contract is faxed or emailed to company for funding
- Lawsuit funding check is sent via overnight mail or money is wired to client’s bank account
If You Have Any Questions, Call 888-964-2224
Lawsuit Funding Provides Timely Help When It’s Needed Most
Strapped for cash plaintiffs can obtain cash now for all their pre-settlement funding needs. Money can be used at the client’s discretion and there are no credit checks or up front costs. While case drags on, plaintiffs rest easy because their affairs are in order.
Fair Rate Funding specializes in lawsuit funding for personal injury cases such as:
- Car Accident Settlement Funding
- Slip and Fall Lawsuit Settlement Loans
- Burn Case Settlement Loans
- Verdict Lawsuit Loans
- Premises Liability Lawsuit Funding
- Product Liability Settlement Funding
- Settled Lawsuit Loans
- Medical Malpractice Settlement Loans
- Jones Act Settlement Funding
- FELA Lawsuit Funding
- And more…
We know you have a choice of lawsuit funding companies. Learning lawsuit funding basics helps you to choose the best lawsuit funding company. We thank you for choosing Fair Rate Funding for your pre-settlement lawsuit funding needs.
To obtain a lawsuit loan in the quickest and easiest manner, please fill out the submission form at the bottom of this page. One of our agents will contact you immediately and start the process. You can then simply sit back and allow Fair Rate Funding to do its job. We regularly process and provide same day lawsuit cash advances within 24 hours of receiving the paperwork from your attorney.
We provide settlement funding for personal injury lawsuits for the following states: Alabama, Alaska, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Louisiana, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Texas, Utah, Virginia, Washington, Wisconsin, Wyoming and the District of Columbia D.C.
Thank you for choosing Fair Rate Funding.