Lawsuit Funding: 4 Things You Should Know

With over $200 Billion in lawsuits estimated to be filed every year, and a Court System and legal process that can sometimes take months or years to settle, pre-settlement lawsuit cash advances are an option that can help you pay your bills, cover medical expenses or make repairs that aren?t covered by your insurance.

Here are 5 things you should know about lawsuit funding.

NON-RECOURSE LOANS

Non-Recourse lawsuit loans don?t require credit checks, employment verification or any sort of collateral and usually can be approved within 48-72 hours. The funding process is a zero risk proposition. The plaintiff doesn?t have to repay the loan until the case is settled, so there are no monthly payments. Because it is a ?non-recourse loan?, if the case doesn?t settle you don?t have to repay the loan.

48-72 HOUR FUNDING PROCESS

Most lawsuit funding companies can have your funding approved within 48-72 hours of your application and a check on it's way to you. The lawsuit funding process is pretty simple:

Step 1

Complete an online form, for example: fundmysuit, with basic contact information for you and your attorney and the amount you are seeking. A funding representative will call promptly to get some more specific information about your case and begin the official application process.

Step 2

With your approval they will request official documentation on your case from your attorney to forward to their underwriters. Once received by the underwriters they will quickly determine your funding amount.

Step 3

Contracts will be drawn up between you, your attorney, and the underwriters involving the payment terms of the cash advance. Once executed, funds will be sent directly to you within 24-48 hours.

TYPES OF CASES FUNDED

There are many types of cases that can be funded. Car accidents, medical malpractice, elder abuse, pharmaceutical suits, slip and fall, product liability, labor law, Workman's Compensation, sexual harassment, assault, and lawsuits involving large corporations are all examples of the types of cases that can be funded with a settlement cash advance.

FLEXIBLE LOAN AMOUNTS

Most lawsuit funding companies will provide you with a settlement cash advance as small at $1,000 and up to $100,000. You may also take several cash advances against the same pending lawsuit as your needs arise. In addition, if you have a case that has already settled, but are awaiting payments or on a schedule, you can also receive a settlement cash advance against the full amount or the payment schedule. It's your settlement after all and your lawsuit funding broker can work with you to accommodate your litigation financing needs.

If you have a pending lawsuit and have financial needs such as medical bills, repairs, or just are in a spot you need funds now, lawsuit funding provides a fast, efficient and cost effective way to get the cash you need now while you wait for the court system to run its course.

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Preparing For A Lawsuit

If you are in a position where you need to vindicate your rights or receive compensation for your pain and suffering, knowing how to prepare for a lawsuit is important. Without properly organizing your claim or conveying important information to your lawyer, you could sabotage your own chances of succeeding.

So what are the necessary steps in getting prepared?

1.Get Organized. Pull together all your evidence, witnesses and other pertinent information before moving forward. Having all your documents, phone numbers, contacts and paperwork together is critical. Whether your claim is being filed in small claims court, or the local superior/municipal court, you should ensure that you have gathered as much evidence for your claim as possible. Doing so will also make your attorney happy and their job easier. The most common problem lawyers have in dealing with clients is the client's failure to keep relevant details of their claim. While you may not have every piece of information, taking what you do have to your attorney will help them have it on hand when ready. By having access to this information, you allow your lawyer ample time to issue subpoenas and obtain necessary supporting documentation.

2.Hire A Lawyer. Choosing the right lawyer is critical. You should set up meetings with a few different attorneys to 'interview' them. Many people can determine right away whether an attorney is honest and forthcoming. In personal injury and workers' compensation matters, most attorneys offer a free initial consultation. You should discuss your case with the attorney the chance of success or failure. Know there are risks to every case and make sure the attorney you choose is honest with you in what those risks are. Ask your attorney whether they will be giving you periodic updates on the status of the case in writing or by phone. Also ask whether they will be your main point of contact or will communications be delegated to a paralegal or secretary. You will also want to know how the attorney will be charging you for his fees. Some are paid hourly while others will be entitled to a percentage of what they recover on your behalf (contingency fee). If you are being charged hourly, make sure you know the rate and if your attorney is working on contingency basis, make sure you know the percentage he is entitled to from your financial settlement or judgment. Try to obtain an estimate of what the case will cost to litigate. Ask your attorney what kind of experience he/she has in regards to your case. Also consider the size of the firm you will be dealing with. There are advantages and disadvantages to both big and small firms. Small firms can be more personalized and possibly have more time for your case but large firms are often more feared and are more reputable. Larger firms also have greater resources and manpower.

3.Ask Your Lawyer The Right Questions - In addition to hiring the right attorney, your part is critical too in the relationship and the case. You don't want to feel in the dark during your lawsuit, mostly because you haven't asked the right questions. Remember that your attorney is working for you, if you don't understand something, don't be afraid to ask your attorney to explain it to you. If the attorney isn't willing to explain, you may have to retain a new one. Questions you will want to ask and be in the know about include:

?What stage the litigation is in?
?What are the court dates on calendar?
?Is your appearance needed at court, or only your attorney?
?What your possible recovery or remedies are? and
?What are the possible ?negative? outcomes of your action?

While a lawsuit can be long and complicated, depending on your situation, the above three steps will help you get started in the process in a more successful way.

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