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Minnesota Lawsuit Funding[flexy_breadcrumb]
You have a great personal injury case. You are working with the best personal injury lawyer in your state. When things started, you were sure that your lawsuit would be settled quickly. Now, months or years have passed and it seems like a settlement is still in the distant future.
As a result of your injury, you have not been able to work or have not been able to work as much as you did before your injury. You may be accruing medical bills. Your everyday living expenses, including rent, car payments, grocery bills, and other expenses keep rolling in. It can feel like you are slowly sinking with no relief in sight. Lawsuit funding may be the tool that you need to help you keep yourself financially afloat as you wait for your case to be resolved.
What Is Lawsuit Funding?
It’s best to start out talking about what lawsuit funding is not. It is not a loan. When you take out a loan, you are agreeing to debt. That debt needs to be repaid by a set time and at a set interest rate. The outcome of your personal injury case has nothing to do with whether or not you will have to repay your loan.
Lawsuit funding is different. There is no debt involved. Instead, it is a specialized system of funding where you sell in advance a portion of your future settlement. The funding institution pays you for the portion of your settlement that they are purchasing. Once your case is resolved or once your case is settled, you give them the portion of the settlement that they bought in advance.
When you take out a loan, the financial institution you are borrowing money from is keenly interested in your credit history and your current work history. They use this information in determining whether or not you qualify for said loan. With lawsuit funding, your personal finances do not come into the picture. There is no credit check, and there is no employment check. Everything is based on the probability that the personal injury litigation you are in will result in your favor.
That is why as part of the application process, a case manager will speak to your lawyer. They will ask your lawyer about the particulars of your case. Using this information, they will be able to determine the probability of your case turning out favorably for you and the likely amount of money you will get from your settlement. It is that easy and straightforward.
Who Could Benefit from Lawsuit Funding?
There are a number of individuals in different situations who might benefit from lawsuit funding. Lawsuit funding could be right for you if you were the victim of an automobile accident, medical malpractice, a slip and fall accident, police brutality, or an accident at a construction site.
Lawsuit funding can give you the financial footing you need to be able to get the most out of your lawsuit. Insurance companies know that when a person gets injured, their life comes to a halt. Depending on the severity of the injury, a person might not be able to work. More severe injuries could require extended hospital stays, prescription medications, and high hospital bills.
An insurance company will use your bad situation as leverage against you. They know that you need money. They know that the longer they drag out your lawsuit, the more desperate you will become. Their hope is that desperation will lead you to accept a settlement for your case that is a lot lower amount than what your case is worth.
Lawsuit funding can give you the upfront cash that you need so that you can continue to cover your daily expenses while you are going through your lawsuit. This allows you to wait out the insurance company and get biggest settlement possible for your case.
Lawsuit funding has helped many people receive the cash and the peace of mind that they need. It has given people a sense of power and a sense of dignity as they are going through all of the challenges that accompany a serious personal injury. Lawsuit funding is a tool that can balance the scales of justice in your favor.