subject: Advance For Pending Lawsuit Proceeds [print this page] Because of the legal process involving communication back and forth between attorneys, filings, offers, counter offers, mediation and other processes, it may take several years for a case to settle in or out of court. In the mean while, the plaintiff still has to pay bills even when financial resources have been exhausted. In some cases, the plaintiff ends up filing for bankruptcy. Even in those cases, there is another resource called legal financing. A plaintiff can receive an advance against the potential proceeds from his law suit and subsequent settlement. The advance is a non-recourse advance.
In some cases, by no fault of the actions of a plaintiff, financial ruin can even include filing for bankruptcy. However, even when bankruptcy has been filed, there is still a potential resource for a plaintiff waiting to settle a personal injury case. It is called legal financing. Undrwiritng determines the merits of the case and the possibility of advancing money to a plaintiff before the case actual settles in or out of court. In addition, it is non-recourse financing thus not requiring the plaintiff to pay it back unless the case settles in favor of the plaintiff. Obviously, it has to be a legitimate claim in order to be eligible for an advance.
After it has been determined the case is eligible for financing, the papers can be sent to the plaintiff's attorney. Once the advance has been approved, it is sent to the attorney for the plaintiff to sign. The attorney can explain the legal aspects of the advance and that the proceeds from the law suit will pay back the advance.. In effect, the advance is secured as though there is a lien against the proceeds received as a result of settlement of the case. Again, if the case does not settle in the plaintiff's favor, there is no obligation to repay the advance if it is a non-recourse agreement.
The information a broker will need in order to submit to the underwriters is type of case, amount of lawsuit, amount offered to settle the case, date of accident, type of accident, injuries sustained, whether it required hospitalization, whether the injured was taken to the emergency room for treament, subsequent treatments, mediation, court date and projected settlement date etc. In most of these cases, the attorney or paralegal can provide the information for a broker to submit to the underwriters. In most cases, the plaintiff's attorney or paralegal can provide the paper work necessary in order for a broker to submit for and advance against a personal injury or malpractice suit. The plaintiff only need to contact the broker and attorney..
If you have been injured in a personal injury case or have suffered from malpractice, contact a reputable broker who can submit for an advance against the potential proceeds from your lawsuit. It may very well be the way you are able to have the peace of mind you need in order to recover from your adversity. There is no need to suffer from a lack of financing when there is an alternative. Perhaps, most people have not heard of legal or lawsuit financing.?
Other types of cases legal financing that can be helpful are medical malpractice, wrongful death, premises (Slip/Trip/Fall) accidents, workplace and industrial injuries, product liability claims, dog bites, burns and other injuries, divorce and inheritance claims and commercial litigation. A person need not wait for months or even years to received money from a personal injury case when there is a non-recourse resource readily available to advance money against the potential proceeds from your personal injury case.?
The application process is relatively simple, quick and easy. There is no credit check, no hidden fees, competitive rates and no employment is required. It may very well be a "game changer" at a time when you are going through a great deal of pain, rehabilitation and adversity. The last thing a person needs while trying to overcome injuries is to have to worry about paying the bills.
If a person is able to take out a loan to cover expenses, the loan is probably going to be less expensive than legal financing. However, legal financing is available to those who have exhausted other avenues of finance.. However, in many cases, because of the unsurmountable bills as a result of the accident, all of the financial resources have been tapped into and exhaused. It is important to find a reputable broker who can get pertinent information about your case from your attorney or paralegal and submit it to a company that specializes in legal finance. Once the application and other information has been submitted, the plaintiff will receive an answer within about forty-eight hours. It is not a long and drawn out process. Why not minimize your suffering? Get the money you need to take care of your financial difficulties and concentrate on recovery and rehiblilitation.
