There were more than 250k car accidents in New Jersey in 2013 leaving many residents in need of settlement funding for NJ automobile accident cases. Many victims sought legal recompense for injuries to both themselves and their property. During this process, the amount of time it may take for those involved in an accident in NJ to reach a settlement was often not considered.
Obtaining a fair settlement after an auto accident in NJ can be a struggle. Court procedures are frequently toughly fought and drawn out over the course of several years. While the trial is running its course, victims are often left with legal fees and doctor bills and no way to pay them. This often leaves those victims is a state of financial turmoil because they cannot physically work like they could before the accident. Those at loss are frequently forced to accept settlements way below what would be deemed fair compensation out of necessity. Although the situation is bleak, plaintiffs left in this position do have an option. By choosing settlement funding for NJ automobile accident cases, victims are able to hold out as long as they need to reach a fair compensation.
Settlement funding can be called a variety of names including legal financing, lawsuit funding, legal funding, lawsuit loans or pre-settlement funding. Despite what it may be called, its function is always the same—to ensure a plaintiff does not have to bare the brunt of the financial hardships that come along with pursuing legal compensation.
Settlement funding for NJ automobile accident cases promises a cash advance for plaintiffs in the midst of court trials to assist them in holding out for a fair settlement offer. The lender is given the opportunity to look over the case and go over the facts with regard to its visibility (likelihood of the case’s success) and determine if they can offer settlement funding. The loan received by a plaintiff through settlement funding is in no way a risk to the plaintiff because the loan is labeled as non-recourse funding. This means that if the victim looses the case, they do not have to repay the loan to the lender. Therefore, if a settlement funding company grants you a loan, you can be almost certain that you will win the case.
Money granted to the victim by settlement funding can be used in any way the victim feels fit. People who look for and are given settlement funding are able to use the money to make up for lost wages because of their inability to go back to work, pay for housing costs or medical fees or merely put food on the table.
During automobile accident proceedings, plaintiffs often eat away at their available funds and savings at a rapid rate. This is frequently due to car accident victims suffering from serious injuries that can necessitate substantial medical care, which is almost always expensive. With court costs and medical bills climbing and the plaintiff being unable to work, victims simply cannot wait for legal proceedings.
Settlement funding can be the perfect solution for those waiting for a fair compensation. When bills are paid and the pressure of settling quickly is removed, the victims of auto accidents are given financial leverage to wait for a fair compensation.
Settlement funding is not a traditional loan therefore factors keeping a plaintiff from obtaining a personal loan, like employment or credit history, are not taken into account. The lender only cares about the strength of the suit and its probability of success. Once a lender decides to grant the plaintiff settlement funding, the loan can be made accessible within 24-hours. Settlement funding for NJ automobile accident cases have no upfront fees or payment requirements. Unlike traditional loans, the borrower does not have to pay the lender until the case is settled. If the victim accepts the compensation they were seeking, the loan is repaid from the settlement. If the victim does not win the case, the victim pays nothing.
Seeking settlement funding for NJ automobile accident cases is something anyone can do in the midst of an auto accident lawsuit in NJ. Securing settlement funding grants financial support to help victims stay afloat during the trials to secure a greater compensation. Financial pressures from an auto accident lawsuit do not have to push you into a settlement worth less than what you deserve; let settlement funding take care of your burdens so you can get your life back on track.