Being involved in a legal case is often a difficult and stressful experience, made even worse by the financial strain it can bring. This is where legal funding comes in. Legal funding, also known as “lawsuit funding” or “lawsuit loans,” is a type of funding that provides plaintiffs with financial assistance to pursue their legal case.
In this article, we will explore New York legal funding, understanding what it is, how it works, and its benefits. For more information, don’t hesitate to contact Rockpoint Legal Funding to learn about how pre-settlement funding can help with your case.
Understanding Legal Funding
Legal funding is a financial arrangement where a third-party funding company provides plaintiffs with a cash advance against their expected settlement or judgment in a legal case. The purpose of legal funding is to give plaintiffs peace of mind while pursuing their cases by providing them with financial assistance to cover their day-to-day expenses, medical bills, and attorney fees.
Lawsuit funding can be a game-changer for plaintiffs who are struggling to make ends meet while waiting for their case to be resolved. Without legal funding, plaintiffs may be forced to accept a low-ball settlement offer from the defendant’s insurance company just to pay their bills. With legal funding, plaintiffs can level the playing field and hold out for a fair settlement or judgment.
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What Types of Legal Funding Are Available?
There are two main types of legal funding available: pre-settlement funding and post-settlement funding. Let’s take a deeper dive into these two legal funding options in the following sections.
Pre-Settlement Funding
Pre-settlement funding is provided before the case is settled or goes to trial. On the other hand, post-settlement funding is for plaintiffs who have already won a settlement or judgment but are waiting for the funds to be disbursed. The type of legal funding that is suitable for a plaintiff largely depends on the current stage of their case.
Pre-settlement funding can help plaintiffs cover their personal expenses, medical bills, and other costs while they wait for their case to resolve. This type of funding can be especially helpful for plaintiffs who are unable to work due to their injuries or other circumstances related to their case.
Post-Settlement Funding
Post-settlement funding can be useful for plaintiffs who have won a settlement or judgment but are facing a long wait for their funds to be disbursed. This type of funding can help plaintiffs pay their bills and cover their financial burdens while they wait for their settlement or judgment to be paid out.
It’s important to note that legal funding is not a loan. Unlike a traditional loan, lawsuit funding does not need to be repaid if the plaintiff loses their case. Instead, legal funding is paid back from the plaintiff’s settlement or judgment.
Overall, legal funding can be a valuable tool for plaintiffs who are struggling to make ends meet while pursuing their case. By providing financial assistance, legal funding can help plaintiffs level the playing field and hold out for a fair settlement or judgment.
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The Legal Funding Process in New York
When a person is involved in a legal case, they may find themselves struggling financially. Legal funding is a way for lawsuit plaintiffs to receive a cash advance to help cover their expenses while they wait for legal proceedings to settle. In New York, the legal funding process is relatively straightforward, but there are a few things that plaintiffs should be aware of.
Application and Approval
The first step in the legal funding process is to fill out an application. Most funding companies have an online application that plaintiffs can complete. The application will ask for information about the case, the plaintiff’s attorney, and the plaintiff’s financial situation.
Once the application is submitted, it will be reviewed by the funding company. The review process typically takes a few days, and if the plaintiff is approved, they will receive a cash advance.
It’s important to note that not all plaintiffs will be approved for legal funding. Funding companies will only provide pre-settlement legal funding for cases that they believe have a strong chance of success. If a case is weak or unlikely to result in a lawsuit settlement, the plaintiff may not be approved for funding.
Funding Amounts and Repayment Terms
The amount of legal funding a plaintiff can receive in New York varies depending on the specifics of their case. Repayment terms for legal funding also vary. Some funding companies charge interest on the cash advance, while others, like Rockpoint, work on a non-recourse basis.
With a non-recourse loan, the plaintiff is only required to repay the cash advance if they win their case. If the plaintiff loses their case, they are not required to repay the cash advance. It’s important for plaintiffs to carefully review the terms of the funding agreement before accepting a lawsuit cash advance.
Rockpoint’s patient and compassionate Customer Care Team takes the time to go through the terms of every funding contract, ensuring that the plaintiff understands the document and has an opportunity to have all their questions answered.
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Benefits of Legal Funding in New York
Legal funding to plaintiffs in New York can present a range of advantages for individuals navigating the complexities of legal proceedings. Let’s take a look at just a few here:
Financial Relief for Plaintiffs
Legal funding provides plaintiffs with much-needed financial relief during a time of financial stress. With legal funding, they can pay their bills, cover their medical expenses, and pay their attorneys without worrying about the costs of a legal case. The cash advance from legal funding allows plaintiffs to focus on their case and not their finances.
Leveling the Playing Field in Litigation
Legal funding also helps level the playing field between plaintiffs and defendants. By providing plaintiffs with the financial resources they need, they can fight back against larger and better-funded defendants. With the help of a lawsuit loan company like Rockpoint Legal Funding, plaintiffs can have a fighting chance to hold negligent parties accountable and receive the compensation they deserve.
Impact on Case Outcomes
Studies have shown that plaintiffs who receive aid from lawsuit loan companies tend to have better case outcomes. With the financial resources they need, plaintiffs can afford the best attorneys and experts to help them build a strong case. With legal loans, plaintiffs are in a better position to settle their case for a fair and just settlement.
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What Types of Cases Might You Need Legal Funding for?
Enlisting the help of a legal funding company like Rockpoint can be crucial in various situations where individuals might face financial constraints during a legal battle. It’s important to note that there is a wide range of cases for which these lawsuit loans might be necessary:
- Personal injury lawsuits
- Auto accident cases (car accidents, truck accidents, motorcycle accidents, etc.)
- Pedestrian accidents
- Medical malpractice claims
- Bicycle accident cases
- Employment disputes
- Class action lawsuits
- Product liability cases
- Divorce and family law cases
- Construction site accident cases
- Nursing home negligence
- Commercial litigation
If you’re dealing with a personal injury claim or another type of case and need financial aid during the legal process, Rockpoint Legal Funding is here to help you during this difficult time. Apply for New York legal funding online now.
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Legal funding in New York provides plaintiffs with a financial lifeline in their time of need. By understanding the legal funding process plaintiffs can make informed decisions about whether it is right for them. If you are involved in a legal case in New York, legal funding may be the key to getting the peace of mind you need to focus on your case and receive the compensation you deserve.
If you are interested in learning more about legal funding or want to apply for funding, contact Rockpoint Legal Funding or submit an online application. We’re here to bring you financial security during your lawsuit—apply for New York legal funding today.
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