The financial pressures you’ll face after an accident could cause you to settle for less than you deserve. Insurance companies and defendants count on this stalling strategy to wear you down, especially if they’re certain you’ll win against them. The good news is there’s a way to level the playing field.
A lawsuit loan in Richmond can get you the money from your expected settlement now so that you don’t have to wait for weeks, months, or years to receive it. Find out how it can help you obtain the maximum settlement while avoiding the financial hardship of a drawn-out case.
What Is a Lawsuit Loan?
After an accident, victims may be facing the loss of income and bills that need to be paid now. A lawsuit loan, also known as pre-settlement legal funding, can help you make up the income shortfall you may experience.
Unlike how the name suggests, lawsuit loans carry no risks to the borrower, and your repayment is tied to the outcome of your case. The collateral for your lawsuit loan is your settlement itself, not your personal assets. This means you don’t have to pay anything back if you lose your case. Lawsuit loans are classified by the IRS as a form of nonrecourse debt.
The best part is once you get the money from your Richmond lawsuit loan, it’s yours to spend however you want, including on the following:
- Rent or mortgage payments
- Bills
- Groceries
- Medical expenses
- Vehicle replacement or repairs
- Child care
- Funeral expenses
What Are the Requirements to Obtain a Lawsuit Loan?
Thanks to minimal qualification requirements, it’s easy for people to obtain the money they need after an accident through a Richmond lawsuit loan. All that matters are the merits of your case and whether your lawyer approves of receiving third-party funding.
If you are awaiting a settlement and have the approval of your lawyer to obtain a lawsuit loan, it’s very likely that you qualify for one.
How Do Virginia’s Laws Impact Legal Funding?
While legal funding is easily available to Richmond, VA, residents, there are some laws special to Virginia that could limit the ultimate size of your settlement. The good news for plaintiffs is that in most cases, there’s no limit to the size of your potential award from a personal injury case.
However, two types of cases do have limits on the maximum payout that have been imposed by the state. These include punitive damages, from which a victim may receive up to a $35,000 award, and medical malpractice claims, which carry a maximum value of $2 million.
How Contributory Negligence Impacts Legal Funding in Virginia
Unlike most states, Virginia follows a doctrine of contributory negligence. Under this doctrine, any party that is found to be at-fault for an accident can’t sue for damages relating to it. This means that you can only obtain a settlement if you did not share any responsibility for the accident on which the case rests.
Contributory negligence is a major potential stumbling block for those who wish to seek a settlement after an accident. Knowing what this means for you is key to obtaining the maximum settlement.
Apply for Legal Funding in Richmond With Tribeca Today!
Do you want to find out how a lawsuit loan could change your life for the better? Apply for legal funding with Tribeca Lawsuit Loans today! We offer pre-settlement legal funding for a wide range of personal injury cases, from car crashes to medical malpractice cases.
Apply for pre-settlement legal funding in Richmond with us today to start rebuilding after your accident. With Tribeca, you won’t have to settle for any less than you deserve.