Louisiana Lawsuit Funding
Louisiana Lawsuit Loans
What Is Lawsuit Funding?
This may be the first time that you have heard about lawsuit funding. In its most basic terms, lawsuit funding is a financial agreement where you allow a funding institution to purchase a part of your future settlement from personal injury litigation. When your case settles, you will give the pre-determined percentage of your settlement to the funding institution. In return, they will give you cash up front that you can use to cover your expenses while you are going through the litigation process.
You may wonder if you qualify for lawsuit funding if you have bad credit, no credit, or no job. The answer is yes. Unlike a traditional loan that is determined based on your credit score, your credit history, and your current employment, lawsuit funding is solely based on the validity of your personal injury lawsuit. If the funding company believes that you have a good chance of winning your case, they will pay you in advance in order to receive a percentage of your settlement when the case finally settles.
This makes lawsuit funding a risk-free option for you. If your case does not settle or if your case is not decided in your favor, you owe the lawsuit funding institution absolutely nothing. Unlike a loan, with lawsuit funding, there is no debt. You don’t owe anyone anything. You’ve been paid in advance for something that you will give at a later date as long as the agreed-upon conditions are met.
What Are the Requirements for Lawsuit Funding?
Generally, in order to be considered for lawsuit funding, you will need it to have a personal injury case that is being cared for by an attorney. The process begins with you filling out an application that includes some of your personal information as well as information about your case. Once the funding institution receives your application, it will be reviewed and your lawyer will be contacted.
Working together with your lawyer, the case manager will evaluate the validity of your case with the goal of determining the likelihood of the case being decided in your favor. They will also try to determine the amount of money you will be awarded once your case is brought to a close. Based on based on this information, the funding institution will determine what percentage or what amount of your settlement they will buy from you.
You will be presented with a contract that lays out all of the requirements and stipulations. Once everything has been approved, within short order, you should have the money that you need. You can use that money for whatever you want. Most people will use that money to cover the expenses that they would have otherwise covered with their employment.
What Kind of Personal Injury Cases Are Accepted?
Personal injury is a wide field. It includes things like automobile accidents, slip and fall accidents, construction accidents, medical malpractice, and assault and battery. It could even include police brutality cases.
Since every personal injury case is unique, decisions about your case are going to be made on a case-by-case basis. After evaluating the evidence associated with your case as well as other information, the funding institution will strive to make a decision that is in their best interests as well is your best interests.
Lawsuit funding is a phenomenal tool that can help you regain a sense of normalcy in your life in the weeks and months following a personal injury. It can give you the financial stability needed to successfully negotiate with insurance companies and the peace of mind you need to heal and get better as you wait for your case to be settled.