Pre-Settlement Funding in Massachusetts
If you have been involved in a personal injury lawsuit or a dispute that has yet to be settled, you may be facing financial hardships as a result. Medical bills, lost wages, and legal fees can all add up quickly, making it difficult to stay afloat financially. In Massachusetts, one option available to plaintiffs is pre-settlement funding. Understanding what it is, how it works, and its eligibility requirements and benefits is essential if you are considering this option.
Call For A Free Consultation
with a legal funding
serving Massachusetts (855) 582-9200
Understanding Pre-Settlement Funding
What is Pre-Settlement Funding?
Pre-settlement funding, also known as lawsuit funding or litigation financing, is a cash advance provided to plaintiffs before their case is settled. This funding is intended to help cover the cost of living expenses and other financial obligations associated with the lawsuit process. Plaintiffs may be unable to work due to their injuries, and as a result, they may be struggling to pay their bills. Pre-settlement funding can help alleviate some of the financial stress of the litigation process.
It is important to note that pre-settlement funding is not a loan. The funding company is taking a risk by providing the plaintiff with the funds, as there is no guarantee that the case will be settled in the plaintiff’s favor. If the plaintiff does not win the case, they do not need to pay back the funds they received. This is different from a loan, where the borrower is required to pay back the full amount, regardless of the outcome of the case.
How Does Pre-Settlement Funding Work?
To obtain pre-settlement funding, plaintiffs must work with a funding company that specializes in this type of service. The funding company will evaluate the plaintiff’s case to determine whether it is eligible for funding. This evaluation process typically involves a review of the plaintiff’s medical records, police reports, and other relevant documents.
Once approved, the funding amount and terms will be agreed upon between the plaintiff and the funding company. The funding company will typically provide the funds to the plaintiff in a lump sum, although some companies may offer structured payments over time.
If the case is settled, the funding company will be paid back from the settlement proceeds. The funding company will receive the agreed-upon funding amount, plus any fees or interest that were agreed upon in the funding agreement. If the case is lost, the plaintiff owes nothing.
It is important for plaintiffs to carefully consider the terms of the funding agreement before accepting pre-settlement funding. Some funding companies may charge high fees or interest rates, which can significantly reduce the amount of the settlement that the plaintiff ultimately receives.
Pre-settlement funding can be a valuable resource for plaintiffs who are struggling financially during the litigation process. However, it is important to carefully consider the terms of the funding agreement and to work with a reputable funding company like Rockpoint Legal Funding to ensure that the plaintiff is receiving a fair deal.
Massachusetts Legal Funding
Near Me
(855) 582-9200
Eligibility for Pre-Settlement Funding in Massachusetts
Types of Cases Eligible for Funding
Pre-settlement funding is a financial solution available to individuals who are currently involved in a pending lawsuit. This type of funding is designed to help plaintiffs meet their financial obligations while they await the outcome of their case. In Massachusetts, most personal injury cases and certain types of commercial litigation cases are eligible for pre-settlement funding.
These cases include but are not limited to:
- Car accidents: Car accidents can happen to anyone, and they can result in serious injuries and financial hardship. Pre-settlement funding can help plaintiffs cover their medical bills, lost wages, and other expenses while they await the outcome of their case.
- Slip and fall accidents: Slip and fall accidents are common in Massachusetts, and they can happen anywhere, from a grocery store to a workplace. Pre-settlement funding can help plaintiffs cover their expenses while they seek justice for their injuries.
- Medical malpractice: Medical malpractice cases can be complex and time-consuming. Pre-settlement funding can help plaintiffs cover their legal fees and other expenses while they fight for compensation for their injuries.
- Workplace injuries: Workplace injuries can be devastating, both physically and financially. Pre-settlement funding can help plaintiffs cover their expenses while they await the outcome of their case.
- Product liability: Product liability cases can arise when a defective product causes harm to a consumer. Pre-settlement funding can help plaintiffs cover their expenses while they seek compensation for their injuries.
- Wrongful death: Losing a loved one due to someone else’s negligence is a tragic experience. Pre-settlement funding can help plaintiffs cover their expenses while they seek justice for their loss.
- Commercial litigation cases with a likelihood of success: In addition to personal injury cases, certain types of commercial litigation cases are eligible for pre-settlement funding in Massachusetts. These cases must have a high likelihood of success and a potential for a significant settlement or judgment.
Requirements for Applicants
While pre-settlement funding can be a helpful financial solution for plaintiffs, it is important to understand the requirements for eligibility. To be eligible for pre-settlement funding in Massachusetts, applicants must have a pending lawsuit and be represented by an attorney. The funding company will evaluate the case to determine its likelihood of success and the amount of funding that can be provided. Additionally, applicants must not have any outstanding loans or liens on their settlement proceeds.
It is important to note that pre-settlement funding is not a loan, but rather a non-recourse advance. This means that if the plaintiff loses their case, they are not required to repay the funding company. Instead, the funding company assumes the risk of the case and only receives repayment if the plaintiff wins their case and receives a settlement or judgment.
If you are currently involved in a pending lawsuit in Massachusetts and are experiencing financial hardship, pre-settlement funding may be an option for you. Contact Rockpoint Legal Funding to learn more about your eligibility and the funding process.
Apply For Free To Get The Money You Need Now.
Benefits of Pre-Settlement Funding
Financial Relief During Litigation
One of the most significant benefits of pre-settlement funding is the relief it provides during the lawsuit process. Plaintiffs can use the funds to cover living expenses, medical bills, and legal fees, reducing the financial strain that comes with a lawsuit.
During a lawsuit, plaintiffs often face mounting expenses, including legal fees, medical bills, and other costs related to their case. These expenses can quickly add up, leaving plaintiffs struggling to make ends meet. Pre-settlement funding provides a solution to this problem by giving plaintiffs access to the funds they need to cover these expenses.
With pre-settlement funding, plaintiffs can focus on their case without worrying about how they will pay their bills. This financial relief can be especially important for those who have suffered serious injuries and are unable to work during the litigation process.
No Credit Checks or Employment Verification
Unlike traditional loans, pre-settlement funding does not require a credit check or employment verification. This is because the funding is secured by the potential settlement proceeds instead of the applicant’s creditworthiness.
For many plaintiffs, traditional loans are not an option due to poor credit or lack of employment. Pre-settlement funding provides a solution to this problem by offering funding based on the strength of their case, rather than their credit or employment history.
This can be especially important for those who have been injured and are unable to work during the litigation process. Without pre-settlement funding, they may have no way to cover their expenses while their case is pending.
Non-Recourse Funding
Pre-settlement funding is non-recourse, meaning that if the plaintiff loses their case, they owe nothing to the funding company. This lowers the risk for plaintiffs and ensures that they are not further burdened by the financial costs of litigation.
Non-recourse funding provides plaintiffs with peace of mind, knowing that they will not be responsible for paying back the funding if they do not win their case. This can be especially important for those who are already facing financial difficulties due to their injuries and other expenses related to their case.
Overall, pre-settlement funding provides plaintiffs with a valuable resource during the litigation process. It offers financial relief, regardless of credit or employment history, and is a low-risk option for those who are already facing financial difficulties due to their case.
Get The Money You Need Now With Legal Funding. Apply Today
Application Process for Pre-Settlement Funding
Choosing a Reputable Funding Company
When choosing a funding company, it is essential to do your research and work with a reputable company. Look for companies that are transparent about their rates and fees and have positive reviews from past clients.
Rockpoint Legal Funding enjoys a stellar reputation in Massachusetts as a leading legal funding provider, with an unblemished record for ethics, efficiency and flexibility.
Gathering Necessary Documentation
When applying for pre-settlement funding, applicants will need to gather all relevant documentation related to their case, including medical bills, police reports, and any legal documents related to the case.
Evaluating and Approving the Application
Once the application is submitted, the funding company will evaluate it to determine the likelihood of success and the amount of funding that can be provided. If approved, the terms of the funding agreement will be discussed and agreed upon by both parties.
Receiving the Funds
Upon approval, the funds will be disbursed to the plaintiff. The funds can be used for any purposes related to the lawsuit, including living expenses and legal fees.
Pre-settlement funding can be a helpful option for plaintiffs facing financial hardship as a result of their lawsuit. However, it is essential to weigh the benefits and risks carefully and work with a reputable funding company like Rockpoint Legal Funding. If you are considering pre-settlement funding, speak with your attorney to determine whether this option is right for you.
Apply Now For Free To
Get The Money You Need.
Presettlement Legal Funding.
