Pre-settlement funding offers a financial lifeline to plaintiffs in New Hampshire who find themselves in need of monetary support during the often lengthy process of a lawsuit. As lawsuits can extend over months or even years before reaching a settlement or a court verdict, plaintiffs may encounter financial strains. The cost of living, medical expenses, and loss of income can create significant pressure to settle for lower amounts than what might be fairly owed based on the claims’ merits.
In New Hampshire, pre-settlement funding provides non-recourse financial assistance, meaning that funding is only repaid if the plaintiff wins their case or receives a settlement. This form of funding is particularly beneficial as it is not a loan in the traditional sense. Consequently, it does not require credit checks or employment verification, making it accessible to a wider range of applicants who might need the support while awaiting the resolution of their legal matters.
Pinnacle Legal Funding is here to help you through all of this. We focus on New Hampshire personal injury cases, particularly motor vehicle accidents, including car crashes, bus crashes, motorcycle crashes, commercial truck accidents, and more. We carefully evaluate the strength and potential value of a plaintiff’s case before providing funds. The amount offered is typically a fraction of the expected settlement, designed to alleviate immediate financial hardship without overburdening the eventual recovery amount. Contact us to learn if your case qualifies for our pre-settlement funds.
Understanding Pre-Settlement Funding
Pre-settlement funding offers financial assistance to plaintiffs in the midst of lawsuits, providing a cash advance against the expected settlement.
Basics of Lawsuit Funding
Lawsuit funding is a financial service that allows plaintiffs to receive a portion of their potential settlement amount before the case is resolved. Also known as lawsuit loans, this type of funding is non-recourse. This means if the plaintiff doesn’t win the case, they are not required to repay the amount advanced. In New Hampshire, as with other states, these cash advances are intended to ease the financial burden during the litigation process. They are typically used to cover living expenses and legal fees.
The Benefits of Cash Advances for Plaintiffs
Cash advances provide several advantages for plaintiffs embroiled in legal proceedings:
- Financial Relief: Plaintiffs gain access to funds that can be used for daily expenses, reducing the financial strain while awaiting the settlement.
- Risk-Free: Due to the non-recourse nature of pre-settlement funding, the plaintiff is not liable to repay the advance if they lose their case.
- Strategic Advantage: Having financial backing may allow plaintiffs to refuse low settlement offers, giving them and their attorneys more time to negotiate a fairer settlement.
Requirements for Eligibility in New Hampshire
To be eligible for pre-settlement funding in New Hampshire, plaintiffs must meet certain criteria:
- Legal Representation: The plaintiff should be represented by an attorney.
- Valid Lawsuit: They must have an active lawsuit that is likely to result in a settlement or judgment in their favor.
- Approval Process: The funding company will review case details and determine eligibility based on the lawsuit’s merits and potential compensation amount.
It’s important to note that the specific laws and regulations governing lawsuit funding vary by state, and New Hampshire may have unique requirements that influence the approval process for a cash advance on a pending lawsuit. Applicants should be prepared to provide documentation related to their legal case to facilitate the eligibility assessment.
Types of Cases Eligible for Funding
New Hampshire pre-settlement funding provides financial support for individuals awaiting the resolution of their legal cases. This funding specifically assists those with certain eligible case types, ensuring they can sustain financial obligations such as medical bills and living expenses during lengthy legal processes.
Personal Injury and Car Accident Claims
Personal injury and car accident claims often involve individuals who have suffered bodily injury due to another’s negligence. In New Hampshire, these are some of the most common cases where pre-settlement funding is utilized. Claimants can secure funds to cover immediate expenses, such as:
- Medical bills: Costs incurred for hospital stays, treatments, and ongoing care.
- Living expenses: Financial support for daily living, helping alleviate the economic pressure during the recovery period.
Insurance companies may be involved in a protracted settlement process, during which time victims benefit from pre-settlement funding to maintain financial stability.
Medical Malpractice and Product Liability
Cases of medical malpractice encompass situations where health care providers deviate from standard practices, leading to patient injuries. Product liability cases arise when consumers are harmed by defective or unsafe products. For both categories, pre-settlement funding can provide crucial financial resources. Recipients typically use the funds for:
- Medical expenses: Often substantial in malpractice cases, covering costs for corrective procedures and rehabilitation.
- Loss of income: Compensation for the time spent away from work due to injury-related incapacities.
Here at Pinnacle Legal Funding, we focus mainly on personal injury lawsuit cases. Our funding options play a vital role for plaintiffs who have suffered harm, offering them the means to sustain themselves while legal proceedings are underway.
The Application and Approval Process
When plaintiffs seek lawsuit loans, the application and approval process is streamlined to ensure quick access to funds while their case is pending. This process involves a careful evaluation of the potential value of the legal case and effective fund management for plaintiffs’ expenses.
Assessment of Case Value and Potential
The first step for plaintiffs is to submit their application for pre-settlement funding, where they provide details about their case and legal representation. Lawsuit funding companies then review these details, which include:
- Analysis of medical records and case documentation
- Assessing potential value of the lawsuit
- Estimation of interest rates based on case strength
This thorough examination ensures that the funding provided is commensurate with the expected outcome of the case. Plaintiffs are typically not responsible for any upfront costs during this assessment.
Receiving Funds and Managing Expenses
Upon approval, plaintiffs can often receive their funds fast, sometimes within 24 hours. The process includes:
- Executing a transparent funding agreement
- Clear communication of repayment terms and interest rates
Plaintiffs use this money to manage their financial obligations, such as living expenses and medical bills, while their case progresses. It’s important for plaintiffs to understand that the amount received will need to be paid back upon settlement of their lawsuit, and this is reflected in the terms of the funding agreement.