As many of you know, Lawsuit Financial and its CEO, attorney Mark M. Bello, have more combined legal and legal funding experience than anyone in this industry. As popular as lawsuit funding has become, though, many plaintiffs, currently involved in lawsuits, do not realize that lawsuit financial assistance is available to them, before their cases are resolved, and many lawyers do not know how to strategically use this valuable service. So, here is the first installment of a four-part primer entitled "Lawsuit Funding: What Every Plaintiff and Attorney Should Know". This installment will cover the first 5 of 20 facts that plaintiffs and attorneys should know about lawsuit funding:
1. Who is eligible for lawsuit funding?
A plaintiff (or, to a lesser degree, an attorney) who is involved in a lawsuit (usually over an injury or disability of some type) and who is having financial problems relating to the injury or disability.
2. What types of cases qualify for lawsuit funding?
All types of personal inury cases, including, but not necessarily limited to auto accident cases, medical malpractice cases, workers compensation cases (limited), slip & fall/premises liability cases, wrongful death cases, construction accident cases, product liability cases, Mesothelioma cases, FELA/train accident cases, Maritime/Jones Act cases, dog bite cases, airplane crash cases, spinal cord injuries, traumatic brain injuries, nursing home neglect cases, fire & explosion cases, insurance disputes. The plaintff must be represented by an attorney.
3. What are the primary benefits of lawsuit funding?
Personal injuries often result in short or long term disability. Litigation over these injuries and/or disability can take months, even years, to resolve. Injured or disabled people are at a substantial economic disadvantage against well-financed, multi-million dollar, insurance companies. These insurance companies utilize delay, deny and defend strategies to cause financial hardship to the injured or disabled plaintiff, trying to force them to settle valuable cases for pennies on the dollar. The plaintiff will often become so desperate that any offer will settle the case. That is the insurance company strategy. A strategically timed lawsuit cash advance against the case will provide the attorney with precious time needed to obtain larger or full value for the case. Further, the cash advance may prevent the loss of a valuable asset, as Lawsuit Financial will make house payments, car payments, tuition and other important payments for the client.
4. If the client has poor credit and can’t work, can the client still obtain lawsuit funding?
Yes, absolutely. Lawsuit funding is not dependent on credit rating or credit history. All a lawsuit funding company is interested in is the quality or the personal injury case that is used as collateral for the lawsuit cash advance. We deal with injured and disabled people all the time, so, obviously, employment or lack of employment is not a determining factor.
5. Can’t I obtain the money I need from a bank or family member?
Banks and other financial institutions require good credit, employment, and collateral. Traditionally, they will not provide a loan against a pending lawsuit. They also will not excuse the loan if you lose the case. A lawsuit funding company, like Lawsuit Financial, will. You can certainly borrow money from family or friends, but, if you lose the case and can’t pay the money back, the family member will not excuse the obligation and you inability to repay may damage an important relationship.
Stay tuned for part two….
Attorney, certified civil mediator, and award-winning author of the Zachary Blake Betrayal Series—Mark Bello is also the CEO of Lawsuit Financial and the country’s leading expert in providing non-recourse lawsuit funding to plaintiffs involved in pending litigation. He is also a member of the State Bar of Michigan, a sustaining member of the Michigan Association for Justice, and a member of the American Association for Justice.