Knoxville lawsuit loans can provide you with critical financial assistance if you are facing settlement negotiations. It can take months or even years to receive money from your lawsuit. Many plaintiffs settle for less because of this, but with a legal loan, you won’t have to.
Lawsuit loans, also known as pre-settlement funding, can help you avoid the financial pressure the defense relies on to get you to accept a lower award than you deserve. Find out if this is the right financing option for your needs.
How Does Legal Funding Work?
Legal funding works by treating your future settlement as an asset that you can borrow against. For those who are facing litigation and lengthy settlement negotiations, this approach can allow them to win a larger award by the end of this process. Defendants often try to drag out settlement negotiations or court cases in the hopes of forcing plaintiffs to accept a lesser award.
Legal funding is considered to be a non-recourse debt by the IRS. This means that your personal assets can’t be seized to repay it and also protects you from any risk associated with the loan. The only source of repayment for your pre-settlement funding in Knoxville is your actual settlement.
This means if you lose you won’t owe anything and can simply keep whatever funding you received. In addition, if your settlement award is less than expected, you won’t ever owe more than the actual funding you borrowed.
Types of Cases Covered by Knoxville Pre-Settlement Funding
If you’re waiting on a settlement, there’s a strong chance you can obtain a Knoxville pre-settlement loan to fight for your full award. The following are some of the main types of cases covered by a lawsuit loan in Knoxville:
- Car accidents
- Personal injuries
- Medical malpractice
- Defective device
- Nursing home abuse
- Wrongful death
Just because your case isn’t listed here doesn’t mean you can’t get funding for it. Contact our office to find out what types of cases we cover and how we can be of service to you.
How Can I Get a Knoxville Lawsuit Loan for a Settlement?
In order to get a Knoxville lawsuit loan from your lawsuit settlement, you’ll need to meet the following basic qualifications:
- You’ve filed a lawsuit.
- You’ve hired a lawyer on a contingency basis.
And that’s it – as long as you meet the above criteria, and as long as you have the approval of your lawyer, it’s likely that you’ll qualify for legal funding in Knoxville. Since legal loans are nonrecourse, we don’t need to put you through a credit check or employment verification. All that matters when qualifying for a lawsuit loan is the quality of your case and how likely you are to win it.
However, we will need your lawyer’s approval in order to work with you. We’ll be repaid from any settlement you receive, and your lawyer will be the one to handle this process. Some attorneys don’t want to involve a third party in this process, which can keep their clients from accessing legal funding until they find another lawyer.
How Does Tennessee’s Modified Comparative Negligence Rule Impact Legal Funding?
The size of your settlement payout will be impacted by Tennessee’s modified comparative negligence rule. Under this rule, the amount of your award will be impacted by your degree of responsibility for your damages. You can still receive compensation so long as you are found to be less than half responsible for any damages you sustained.
For instance, you may be entitled to $250,000 in damages if you were found to be 0% responsible for your accident. However, if you were found to be 30% responsible for your damages, you would only receive 70% of this amount, or $175,000. The amount of settlement loans we’ll offer you may be impacted by your degree of responsibility for the accident.
Apply for a Knoxville Pre-Settlement Loan Today
Tribeca Lawsuit Loans can offer you up to $1 million in Knoxville legal funding upon approval of your application for a lawsuit loan. We help clients nationwide and all across Tennessee and can guide you through the process to obtain the funding you need. We’ve made the approval process easy to complete so that within 24 hours you can have money in your account.
Simply visit our website today to apply or to speak with one of our live agents who can guide you through the application process. Applying takes just a few minutes and you could be approved within hours. We can be a critical lifeline if you have imminent expenses that need to be paid or have future expenses that can impact your fight for justice.