The aftermath of an accident or injury can result in massive upheaval in your life, leading to both financial uncertainty and emotional vulnerability. Often, personal injury victims with severe, permanent injuries are left wondering how to cover medical bills and everyday expenses.
One solution is pre-settlement personal injury funding. This source of funds can immediately ease financial strain, especially if you’re faced with a complicated or prolonged legal battle before you can expect compensation.
To learn more about how pre-settlement funding works for permanent immobility cases, contact Rockpoint Legal Funding for a free consultation at (855) 701-8506.
What Is Pre-Settlement Funding?
Also referred to as legal funding, pre-settlement funding provides the plaintiff in a personal injury claim or lawsuit with immediate funding to meet their financial obligations and tide them over until they receive compensation in the form of a settlement or judgment from the defendant who caused their injury.
Pre-settlement funding is classified as “non-recourse,” meaning that repayment of the funding you receive is based on the outcome of your case. In other words, if you ultimately lose your case, you do not have to repay the funding.
Pre-Settlement Funding vs. Pre-settlement Loans
People often use the terms pre-settlement funding and a pre-settlement fund interchangeably, but these are two different things, and they can have dramatically different effects on your financial health.
As the term suggests, a loan is something that has to be paid back no matter what. If you end up losing your case, you can go into massive debt because the bank or other financial institution demands repayment.
Pre-settlement funding, on the other hand, will not put you in debt. Instead of borrowing money for a legal loan, litigation funding works by giving you a cash advance on your settlement.
You can use this money for anything you want, including:
- Rent and mortgage payments
- Groceries and household necessities
- Utility bills
- Credit card payments
- Medical expenses
- Vehicle repairs
- University tuition
- In-home services
- And more
Once your case has been successfully settled or you’ve won at trial, the company that provided you with personal injury funding will collect payment from your settlement funds.
If, however, you do not win your case, you don’t have to pay anything back. This is what truly sets apart pre-settlement funding from a personal injury settlement loan.
About Permanent Immobility Cases
A catastrophic injury can be permanent, causing massive changes in your lifestyle that you’ll have to live with forever. Your friends, family members, and other loved ones can also be adversely affected.
Injuries can happen at any time, but when the injury was the result of someone else’s negligence or reckless behavior, it can be particularly frustrating. Making things even more challenging is when an injury suffered in a personal injury claim is deemed irreversible, causing you to experience permanent immobility.
Common Types of Catastrophic Injuries Leading to Permanent Immobility
Even a simple fender bender characterized by minor whiplash can cause catastrophic injuries, especially if you have a pre-existing condition or other medical vulnerability. The most common types of injuries that can lead to permanent immobility include:
- Amputations
- Severe burns or disfigurement
- Spinal cord injuries
- Traumatic brain injuries
- Crush injuries
- Hearing or vision loss
- Orthopedic injury
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Benefits of Pre-Settlement Funding
Personal injury funding can be a valuable lifeline for accident victims, and you don’t have to worry about paying anything back if you end up losing your case.
Our clients choose us for the following benefits:
- Immediate financial relief: A long, drawn-out permanent immobility case can leave you in dire financial straits. With pre-settlement funding, you can get immediate financial relief with an upfront cash advance to cover all of your financial obligations while you wait for your case to settle.
- No upfront costs or monthly payments: Unlike a loan, you don’t have to pay origination fees, interest, or make any monthly payments. You are only obligated to repay the funding after you win your case and receive compensation. And, if your lawyer is not successful, you don’t have to pay back a dime to the funding company.
- Peace of mind: We understand that this can be an incredibly stressful time for you and your loved ones. With pre-settlement funding, you can focus on your recovery instead of enduring sleepless nights of wondering how you’re going to make ends meet.
- Level the playing field: Insurance companies don’t always play fair. They have significant resources and a stacked legal team aimed at minimizing or denying your claim. It’s not unusual for them to drag out a case, hoping to wear down your resolve and cause you to be in such a desperate financial situation that you’ll accept any settlement on the table.
With pre-settlement funding, you can afford to hold on and negotiate from a position of strength.
Requirements for Receiving Pre-Settlement Funding
Different states have different laws that govern how personal injury funding works. Further, each company providing pre-settlement funding is likely to have specific requirements for receiving funds.
In general, however, someone applying for pre-settlement funding should be aware of the following:
- You must have a pending legal case. Your case must be of the type that qualifies for pre-settlement funding, including car accidents, slip and fall injuries, or medical malpractice that has led to permanent immobility.
- You must have legal representation. To qualify for personal injury funding, you must be represented by an attorney. This is to protect the interests of the funding company because you have a better chance of winning your case if you have retained a lawyer.
- Your case should be strong. While your case doesn’t necessarily have to be a slam dunk, it should be extremely likely that you will prevail with your claim.
Contact Us To Apply for Personal Injury Funding
At Rockpoint Legal Funding, we are committed to helping personal injury victims maintain secure financial footing by providing adequate legal funding. In many instances we can provide same-day funding, and we strive to disburse funds as soon as possible. You can apply online or call us at (855) 701-8506 for a free consultation.
