Legal Funding Bronx
The Ins and Outs of Litigation Funding
While the past year has been one of the most tumultuous in all of human history, and the coronavirus pandemic essentially had the world hitting the pause button for much of 2020, some aspects of life seemingly stayed pretty much the same. Over the past few years, as issues such as car accidents and negligence related accidents have been on the rise, in turn, so has the number of personal injury lawsuits. The fact is that no matter what the status of the country or even the world might be, people will still be people, and to be a person means to be flawed, and often those flaws can come out in some of the most terrible ways. Since the 90’s and early 2000’s, the state of New York has seen quite an increase in the number of personal injury lawsuits, and with personal injury lawsuits, comes an increase in the residual side businesses as well. One of the issues with the world of personal injury lawsuits has got to be the finances. According to the team at Express Funding of America, known for the best legal funding Bronx plaintiffs can find, all too often victims of negligence related accidents, are generally suffering injuries that prevent them from working and making money in order to pay their bills and some might be in such financial strain that they can’t even afford to file the actual lawsuit and hire a quality attorney. However, according to the team at Express, when it comes to the best legal funding Bronx plaintiffs in need of funds are able to get access money early, using their prospective settlement as collateral for their funding. In this article, we will explain the details surrounding litigation funding Bronx experts at Express Funding can offer their clients.
What is Litigation Funding?
When it comes to litigation funding Bronx plaintiffs can use the help of a company such as Express Funding of America, in order to gain access to funds from their possible settlement earlier than they would, had they come out victorious in their case or if they would have settled their case with the defense. When it comes to plaintiff funding Bronx experts at Express can use many different terms, such as litigation funding or litigation finance. These terms can mean many things. In general, it describes the provision of capital by a third-party “litigation funder” to a plaintiff in a litigation. In return, the litigation funder receives a portion of what the plaintiff recovers. When it comes to litigation funding Bronx experts at Express Funding express certain specific details to their clients in regard to their funding. In years past, when regulation in the legal funding world was limited, companies without scruples used to hide things in the fine print and attempt to hide fees, and huge interest payments from their clients. However, as the best legal funding Bronx plaintiffs can get, the team at Express Funding strives for complete transparency, ensuring them educate their clients on everything before they sign the deal. Some of the key points they want their clients to know are as follows.
· Non-Recourse Funding
The fact is that when it comes to litigation funding Bronx experts at Express want their clients to know that they provide what is known as non-recourse plaintiff funding Bronx experts provide this to the plaintiff of the case, this is where the term plaintiff funding comes from. In essence, this means that they are acting more so as an investor in the claim, and not as a lender. They provide you access to funds, and you only have to pay those funds back in the event that you win your case, or if you are able to come to a settlement agreement with the defense. Meaning that you don’t have to pay them back, if you don’t win any money through the case or claim.
· Passive Litigation Funding
See, the fact is that there are a number of different types of funding. However, when it comes to litigation funding this type of funding generally means that the funds are to be used to pay for the actual case or claim itself. whether that might be to cover lawyer fees, court costs, the cost of hiring an expert witness, the cost of housing that witness if they are from out of state, or other costs associated with the actual trial and litigation aspect of things. But passive funding means that they have no say in how you are to fight your case, they can’t recommend a strategy just because you are using their money.
· Not a Huge Amount
In some cases, people think that legal funding can mean that once they pay back the company, they will have nothing left for themselves, even though they had the money early. This is not the case. In most claims, as the best legal funding Bronx plaintiffs have to offer, Express will generally only advance about 10 to 20% of what they believe the maximum number of damages you can get for this case. Meaning once you pay them back and any fees or court costs, you should have plenty leftover. However, its important to be smart with your funding payments and not just spend them on new car when they should be going to court fees.
· Aligned Interests
The fact is that when you work with a legal funding company, your interests are aligned with theirs. They want you to succeed, as that is how they get paid. They will provide you access to the funds and can even offer you financial advice on investments and certain legal matters, as they know many people within the industry. This goes to show you that they are on your side through and through.
For more information on legal funding and more, be sure to contact Express Funding today.