LAWSUIT LOANS HOBOKEN
Understanding the Different Types of Legal Funding
When it comes to the world of personal injury law, cases are up vastly each and every year. From this decade, to the last, courts have seen an exponential rise in the number of claims having been filed, and these personal injury claims have accounted for billions of dollars in damages being awarded to plaintiffs, whether they come as a result of legal settlements or as a result of victory during a trial. And just like in other industries, as well as other segments of the legal world, because of this increase in the number of cases being brought to court, there has been an increase in the number of ancillary businesses that have been established to assist individuals as well as attorneys in being able to perform their function in court. One such business, and quite possibly the best example of such an increase in recent years has got to be the world of legal funding or lawsuit loans Hoboken experts at Express Funding of America, and other similar companies are able to provide plaintiffs and lawyers with certain funds they might need during the course of their trial. Quite often during the course of a personal injury claim, certain individuals may need cash loans now Hoboken and other areas across the tri-state have quite a backlog of cases that have yet to even see the inside of a courtroom. Due to this backlog, as well as the overall length and time it takes to actually file and see a personal injury claim through to completion (the point at which a judgement is handed down, or the two sides can come to a settlement agreement), it can take months or even years before an individual gains access to any money. When it comes to these lawsuit loans Hoboken plaintiffs are given a great deal of financial breathing room, to pay their bills and cover a whole host of different costs they might incur during, or as a result of the actual trial. Within this article, we will be exploring a few different types of legal funding, and how they might help.
All too often, settlements and personal injury claims are forced into an early settlement, based on the need of the client, rather than the actual facts of the case. For individuals that need cash loans now Hoboken legal funding operations provide them with the breathing room they need, to actually wait things out, and get the settlement they deserve, rather than just being forced to take the first option that the defense offers, because they need the money so bad. When it comes to lawsuit loans Hoboken experts at Express Funding can provide clients with a number of different types of funding, and these different forms of funding can contribute to different areas of need that a client might have. The problem is that sometimes these plaintiffs might be confused as to what certain types of funding actually mean. For instance, when it comes to surgical funding Hoboken plaintiffs are provided with funds to help them manage costs for any surgery or medical bills they might incur, as a result of the case. Here are a few of the most common legal funding terms you might hear thrown around.
· Pre-Settlement Funding: Essentially this is a cash advance against the anticipated settlement of a personal injury lawsuit. While many call these advances “lawsuit loans,” lawsuit funding advances are in fact provided on a non-recourse basis, which means that if the plaintiff loses the lawsuit, the plaintiff does not have to repay the legal finance company. While legal finance companies accept the risk that the case may not succeed, they carefully vet all lawsuit funding requests in order to be confident that the plaintiff will win before extending pre-settlement financing. This term is often used, as an overarching form of funding that covers any different expenses you might have before you trial concludes.
· Surgical Funding: When it comes to surgical funding Hoboken plaintiffs, as we mentioned, will generally be able to use these funds to have certain surgical procedures performed or to cover any medical bills, that they might need, as a result of their accident or the overall claim. Often when it comes to surgical funding Hoboken plaintiffs who are filing a medical malpractice suit, may need to have a surgical procedure redone, in order to fix the poor effects of their last procedure, and remedy any health issues that occurred as a result.
· Litigation Funding: When it comes to litigation funding Hoboken experts at Express Funding and other legal funding companies can often provide these funds to both a plaintiff or even a law firm. In some cases, when we hear of litigation funding Hoboken lawyers might refer to this as law firm financing as well, as it can be given straight to a law firm to help them manage their expenses and cash flow, often as they are taking on cases on contingency (they don’t get paid until the individual wins or settles their case). Otherwise with litigation funding Hoboken plaintiffs can gain access to the funds they might need to go through with a trial, whether the funds might be to pay for a non-contingency lawyer, to cover court costs, to pay for expert witnesses as well as a hotel or flight arrangements they might need, covering paperwork fees and much more.
· Post-Settlement Funding: This is similar to pre-settlement funding, as it is often overarching. But this term refers to funding that helps plaintiffs who have seen their case settle but–often for a variety of reasons–are awaiting settlement funds. Like pre-settlement finance, funding is distributed to the plaintiff in order to cover their cost-of-living expenses while they await the money due to them in their settlement. There can be potentially less risk associated with post-settlement finance opportunities since the settlement has usually been finalized but has failed to start distributing. Investors must still deal with inconvenience risk and face uncertainty as to when they will receive repayments, but they can take solace in knowing the case has already settled.
For more information on legal funding and more, be sure to contact Express Funding today.