Funding Workers Comp Cases

May 10th, 2013

Quick definition of workers compensation: A system whereby an employer must pay, or provide insurance to pay, the lost wages and medical expenses of an employee who is injured on the job.
Most workers comp cases are cut and dry on liability and how to value the case. You would think a workers comp case would then be able to fund for lawsuit funding companies. Unfortunately workers comp cases are almost impossible to fund.

Why? In personal injury cases, the settlement or judgment check goes directly to the attorney. The attorney will then disburse the funds to themselves (legal fee), to any other liens (like a lawsuit advance, medical bills, child support, etc.), and whatever money is left over will go to the plaintiff. For instance, if you have a $100,000 settlement. The attorney will disburse $33,333 to themselves (33% legal fee), $7,500 to the lawsuit funder, and then $59,167 to the plaintiff.

But in Workers Comp the settlement or judgment checks go to the attorney (20% of the settlement or judgment) and the plaintiff (80% of the settlement or judgment) rather than 100% to the attorney for other personal injury cases. Therefore, the lawsuit funding company has to depend on the plaintiff to pay the advance back which will be tough to 1) track down the client and 2) receive the necessary payoff. Lawsuit funding companies base their payoff prospects on the attorney paying them back not a plaintiff who they have never dealt with.

Workers Comp and lawsuit funding do not mix in most states. The laws vary from state to state so talk to your attorney or call us at 215.599.6545 if you have any questions.

Tags: , , ,
Posted in Uncategorized | Comments Off

Types of Cases for Lawsuit Funding

May 1st, 2013

There are a ton of different cases that a plaintiff may have – from a motor vehicle accident to a slip and fall to a worker’s comp case. What types of cases are eligible is a question we get a lot at Lawsuit Funding Solutions. The answer is that we will look at and underwrite almost every case that comes in, but we will only fund or advance funds on cases that we feel like there is at least a 95% chance in the case reaching a settlement or judgment.

Now, back to the question of what types of cases LFS funds. The majority of the cases Lawsuit Funding Solutions funds are motor vehicle accidents. Why? In most of the MVA cases we deal with there is very little doubt as to who was liable for the accident occurring. The defendant may have run a stop sign or red light, may have been texting while driving, or simply was negligent and rear ended someone. Once we review the case and find little doubt in who was negligent, it makes it very easy to give the plaintiff a cash advance while they wait for a settlement or judgment.

In addition to MVA cases, we help plaintiffs with a number of other cases where a personal injury has occurred. Please call us at 215.599.6545 if you have questions or want to see if your case qualifies for a cash advance. If you are in the Philadelphia area, swing by our office to meet us and see if your case qualifies. Once the information about your case is submitted, it will be reviewed the same day. If the details of your situation entitle you to lawsuit funding, you will normally receive your cash advance the same day! Lawsuit funding can be a big assistance when you are trying to pay your rent, put food on the table, and pay simple expenses. put food on the table, and pay simple expenses.

Tags: , , ,
Posted in Uncategorized | Comments Off

A Lawsuit Loan Isn’t Really a Loan

April 15th, 2013

Yes, you read that right. A lawsuit loan is actually a form of cash advance designed to help you survive the months or years it takes to obtain a settlement on your lawsuit. The reason it’s not classed as a “real” loan is that you only have to pay back the money if you win the case.
 
In official terms, a lawsuit loan – or pre-settlement financing facility, as it’s also known – is a form of non-recourse debt, which in turn is a secured loan based on collateral. In this instance, the collateral is your pending legal suit and its anticipated financial award. Unlike a regular loan or cash advance, there’s no credit check, nor do you need to meet any specific employment or income requirements.
 
Here at Lawsuit Funding Solutions we simply assess your application by determining whether you stand a good chance of winning your case, and how much you should expect to receive as compensation. If we believe you’re on solid ground, we’ll advance you a portion of your expected legal award. We generally grant pre-settlement lawsuit advances of up to 10% of what the case is considered to be worth, with funding starting at $250 and going as high as $250,000 depending on our evaluations. In effect, we’re making a cash investment in your pending lawsuit, so we make sure we do our homework first.
 
If you have any questions, feel free to call us at 877.697.7358.

Tags: , , , , ,
Posted in FAQ | Comments Off

Questions that Lawsuit Funding Companies Typically Ask

April 4th, 2013

When you call a lawsuit funding company, be prepared to answer some basic questions. The lawsuit funding company is quickly trying to get a read on the strength of your case and whether or not it is worth their time and effort to underwrite the case and potentially fund your case. Here are some common questions:
1. Your Name, Address, Phone #
2. Your attorney
3. Type of Case (MVA, Med Mal, Slip N Fall, etc.)
4. Date of Accident (DOA)
5. Advance Request Amount
6. Insurance Carrier
7. Type of Injuries

Once a lawsuit funding company receives adequate answers to the questions above, they will usually contact your attorney or paralegal to try and get the advance approved. If you are thinking about getting a cash advance on your case, try and be prepared to answer the above questions. If you cannot, it will be a lot more difficult to receive an advance and be taken seriosuly.

Good luck and call Lawsuit Funding Solutions today if you have any questions.
888.697.7358

Tags: , , ,
Posted in Uncategorized | Comments Off

Can Lawsuit Funding Affect A Case’s Outcome?

March 26th, 2013

One question lawyers and plaintiffs always ask is whether or not lawsuit funding companies can affect or interfere with the legal process? They worry that a lawsuit funding company will ask the lawyer or plaintiff to push to settle the case in order to repay the outstanding funding advance. This is not true. Lawsuit funding companies never get involved in any aspect of the case. All legal decision are 100% made by the attorney and the plaintiff, never a lawsuit funding company. In fact, our agreement states the following:

“Seller and Seller’s attorney hold full decision-making control of the Legal Claim, and all legal strategy decisions shall remain with the Seller and Seller’s attorney.”

It cannot get any more plain and simple than that.

At Lawsuit Funding Solutions we want to advance cash in cases where the likelihood of success is very strong. What we do not do is take part in any part of the case process. LFS trusts the attorney and plaintiff to get their job done and have a successful judgment or settlement.

Call us at 877.697.7352 if you ever have any questions on how lawsuit funding works.

Thanks

Tags: , , , ,
Posted in Uncategorized | Comments Off

Is a Lawsuit Cash Advance Right for You?

March 25th, 2013

Is a Lawsuit Cash Advance Right for You?
by LawSuitFundingSolutions.com

Picture this: you’re driving to a business meeting, when a pickup truck comes flying out of a side street and rams right into the side of your car. Not only is your car wrecked and your meeting cancelled, but you suffer injuries to your legs, back and neck, as well as cuts and bruises in various places.

In fact, you hurt your back and neck so badly in the accident that you have to take several months off from your job to recover. You eventually go back to work, but only part-time, as that is all you can handle. Even though you have medical insurance, you have to take thousands of dollars out of your savings to help pay for your doctor’s bills, medication and physiotherapy.

Your insurance company verifies that the collision was clearly the other driver’s fault since medical tests showed that he had been drinking. Given that you’re losing a lot of money, both because of your medical expenses and because you’re no longer receiving your full salary, you decide to sue the drunk driver who hit your vehicle.

Your attorney is confident that you’ll win substantial damages, but the case has been dragging on for over a year now. Meanwhile, your savings are running low, but the bills just keep coming in. So a friend suggests that you apply for a pre-settlement lawsuit loan to help tide you over. Would this kind of financing – also known as a lawsuit cash advance – be suitable for you?

How to determine whether to get a lawsuit cash advance
As in the example above, if you are suing someone because you were injured in a motor vehicle crash, in a construction or workplace accident, or in a similar situation, you might be eligible for a cash advance. Legal cases often take several years to resolve, but life has to go on – and be paid for – while you’re waiting. Many plaintiffs in this type of case don’t have an adequate income stream, especially where serious injuries or wrongful death are involved.

There are two basic questions you should ask yourself:

Do you qualify for lawsuit funding?
Do you need the money?

You can easily get the first question answered by applying for a pre-settlement cash advance. It doesn’t cost anything to submit an application, and you’ll get your approval or rejection decision quickly. If you have a solid case that the cash advance provider believes you have a very good chance of winning, it will approve your request for a loan.

Assuming that you are eligible for lawsuit advance financing, you’ll need to consider the second question – do you need the money? – carefully before you actually take out an advance. Although this is not really a loan in the traditional sense, since you don’t have to make any repayments until you have been awarded your legal settlement, you will be charged interest and fees on the advance money when you pay it back. However, you’ll only pay interest on the first two years of your cash advance, no matter how long it takes for your legal case to close.

Even so, you must always remember that you will have to use a portion of your award payout to cover interest and fees, depending on the duration of your lawsuit loan. If you’re fortunate enough to be able to carry on working as before, or if you have plenty of cash in the bank, you might not need to borrow any additional money.

But if, like so many people who have been injured in accidents that other people were responsible for, you’re now having trouble making ends meet, lawsuit funding could be a godsend. It would allow you to pay your medical bills and keep your family housed and fed until you receive the cash you’re suing for. If that’s the situation you’re in, you should go ahead and apply for a lawsuit loan.

There’s no need to accept the insurance company’s offer to settle out of court for a small percentage of what you could get in a legal judgment, just because you’re in a financial bind right now. Lawsuit funding gives you the freedom to wait for your court settlement to come through, so you usually benefit from the highest possible payout.

In the event that you end up losing your case, you won’t need to pay back a single penny – the cash is yours to keep. So, with a lawsuit cash advance, you win either way!

Tags: , , , , ,
Posted in FAQ, How It Works | Comments Off

Definition of Legal or Lawsuit Cash Advances

March 4th, 2013

Lawsuit funding was created to provide cash advances through a third party funding company to plaintiffs who are in financial need. These lawsuit companies provide funding to help meet a plaintiff’s financial needs while the plaintiff waits on a case settlement or judgment. In turn, the third party funding company receives interest on the amount of the advance. However, if the case proceeds to trial and the plaintiff loses, the third party funding company receives nothing and loses the money they provided to the plaintiff.

A growing business in the lawsuit funding business is the funding of the attorneys or law firms. Instead of a bank or a law firm funding costs of a case (expert witnesses, salaries, etc.), a third party funding company enables attorneys and law firms to operate and pay expenses without extending their own resources. As with plaintiff funding, the third party funding company will base the amount of funding on the expected value of the case.

Lawsuit funding is available in most states. It is most commonly used in personal injury cases like motor vehicle accidents and medical malpractices. The amount of money that plaintiffs receive through lawsuit funding is typically around 5 to 10 percent of the expected value of the anticipated judgment or settlement of their personal injury lawsuit.

One misconception people have about lawsuit funding is that the funding is a loan. Lawsuit funding is actually a nonrecourse debt. The debt does not have to be repaid if the plaintiff’s lawsuit is unsuccessful. Therefore, funding is considered to be a cash advance of the case proceeds rather than a loan.

Lawsuit funding is a controversial area in the legal community today. Many attorneys have had at least one negative experience when it comes to lawsuit funding due to high rates and hidden fees that can make the price of the cash advance a negative when it is time to settle a case. Numerous attorneys have no interest in dealing with a lawsuit funding company to help fund a case or help a plaintiff pay living expenses. But, the lawsuit funding business continues to evolve positively to better fit attorneys’ and plaintiffs’ needs.

If you have any questions about lawsuit funding and how the process works, call us today at 215.599.6545.

Tags: , ,
Posted in Uncategorized | Comments Off

3 Main Reason to Choose Lawsuit Funding Solutions

February 19th, 2013

The question we get a lot at Lawsuit Funding Solutions if why should we choose you over another lawsuit funding company? It’s a good question and means the attorney or plaintiff is doing their homework. We have no problem telling you why we are the best fit for plaintiffs looking for a cash advance on their case. The 3 main factors that separate us from other funders are the following:

1. Our process is an OPEN DOOR. Other companies providing this service often use a complicated interest rate formula that makes it almost impossible to determine what the amount of the repayment will be. We charge a clean interest rate of 2-3% and cap the interest rate, which our competitors don’t do. That is, instead of watching your clients’ advance continue to compound interest over a two to three year period or even longer, you and your clients can rest assured that the money they will owe upon a settlement or judgment will be fixed from day one. This is a particularly attractive option for clients with cases which you expect will be outstanding for an extended time period and/or who do not want to take the risk of a delayed settlement or judgment.

2. Our process is SIMPLE. We do not require much documentation from you or your paralegal = medicals, complaint, police report, etc. We fund based on the attorney’s reputation more than anything else.
3. Our process is FAST. If your client needs money today, we can get it done usually within hours from hearing from the attorney. Once we receive an executed agreement, we can wire the funds directly into a plaintiff’s bank account, which usually takes 1 hour.

Hope this helps to explain who we are and why LFS may be the best fit for your financial needs. Call us today if you have any questions – 215.599.6545.

Tags: , ,
Posted in Uncategorized | Comments Off

Types of Cases We Fund for Lawsuit Funding

February 8th, 2013

Lawsuit funding is the perfect tool for any plaintiff seeking a way to pay some bills while they wait for their case to reach a settlement or judgment. If a plaintiff needs help paying the rent, mortgage, gas bill, etc., then lawsuit funding could be the perfect way to help with the debt that is currently piling up.

Whether you have been injured in a motor vehicle accident or had a slip/trip and fall accident, there are many cases for which you may qualify for a cash advance from LawSuit Funding Solutions. Check out our full list on the ‘Case Types’ tab on our website or by clicking: http://www.lawsuitfundingsolutions.com/case/

Most of the cases LawSuit Funding Solutions funds are motor vehicle accidents (MVA), probably around 80%. Why? In most of the MVA cases we deal with there is very little doubt as to who was at fault. The defendant may have run a stop sign or red light, been texting while driving, or simply was negligent and rear-ended someone. Once we review the case and find little doubt about who was negligent, it makes it very easy to give the plaintiff a cash advance while they wait for a settlement or judgment.

In addition to motor vehicle accidents, we help plaintiffs with a number of other cases where a personal injury has occurred, such as worker’s compensation, product liability and medical malpractice. Please call us at 215.599.6545 if you have questions or want to see if your case qualifies for a cash advance.

Once the information about your case is submitted, it will be reviewed the same day. If the details of your situation entitle you to a lawsuit funding advance, you will normally receive your cash advance the same day! LawSuit Funding Solutions can be a big assistance when you are trying to pay your rent, put food on the table, and pay simple expenses.

Tags: , , ,
Posted in Uncategorized | Comments Off

Settlement Funding

February 1st, 2013

Another funding option that LawSuit Funding Solutions can provide to plaintiffs is Settlement Funding.

Most plaintiffs assume that when their case settles or they receive a judgment that they will receive their proceeds immediately. Unfortunately, that is not always the case. Receiving your settlement proceeds can take 30 to 180 days. After waiting years to win a case, that additional wait can be a very frustrating.

LawSuit Funding Solutions can help. We offer the lowest rates out there for settlement cash advances. After a plaintiff wins their case, LawSuit Funding Solutions will advance them up to 15% of what the settlement award is. For example, if your case settled for $100,000, we will advance you $15,000 now. When your attorney receives the settlement, we will be paid back our principal plus interest owed.

A settlement advance is a great way to help a plaintiff out with short term cash needs. Yes, we offer the lowest rates out there, but, as always, with cash advances, the amount a plaintiff will owe can be expensive. Make sure you need a cash advance before you decide to take one.

Call LawSuit Funding Solutions for more information and to apply for Settlement Funding.

Tags: , , ,
Posted in Uncategorized | Comments Off

« Older Entries