Earlier this month, a horrific injury to a pedestrian took place in central Manhattan, next to a construction site on 9th Avenue. A large blade from a circular saw unexpectedly flew almost 100 feet from the construction site and struck a woman walking down the street nearby. The result was a deep gash in the woman’s leg.
The incident was recorded on nearby surveillance cameras, but the cause of the accident will have to be determined by an investigation team. The woman was taken to hospital and was treated for a serious injury to her leg.
In this situation, someone will be blamed for the accident, whether it was a product defect, lack of maintenance or an unqualified person who was inappropriately using the saw. While an investigation is conducted, the injured victim may be entitled to file a lawsuit against the “at-fault” party(ies). The injured person has a legal right in New York, as with all other states throughout the U.S., to file a lawsuit to cover the cost of medical costs, loss of earnings and for past and future pain and suffering resulting from the injury.
Often in a situation like this it takes time for information to be gathered and for investigation results to be compiled. Sometimes, the victim may choose to settle up with the insurance adjuster of the person or organization who was found to be at fault. This often involves a shorter waiting time and sometimes the victim has to accept a lower award than if the case is pursued with the assistance of counsel.
Many injury victims choose to hire a personal injury attorney to help with the compensation claim. This ensures the right course of action is taken and the victim is fully compensated for the impact of the injuries. Often the only way to obtain a fair and full settlement is to be prepared to go to trial.
One of the attorney’s jobs is to gather together all the medical reports which will indicate not only the current medical expenses incurred but any likely medical costs into the future. Loss of wages from the time of the accident and to the time when the victim is likely to return to work has to be calculated also.
This process however, takes time.
The average personal injury claim could take up to two years and maybe four years to complete and in the meantime the victim may well be short of money and medical bills may be unpaid. Moreover, mortgage repayments may have to be delayed and any other loan agreements may become outstanding debts.
Lawsuit Funding to the Rescue
This is when lawsuit funding is a useful way to ensure that financial hardship is kept to a minimum and it is available to those who have an attorney representing them, normally on a “contingency fee” basis. This means that the client only pays his or her attorney if the claim is won.
In the meantime lawsuit funding can be arranged which is a contract between a “lender” who will provide cash immediately to the client, often within 24 hours and the plaintiff in a lawsuit. The attorney handling the case will keep the contract in the file and repay the amount when any settlement is reached.
It is important to understand that these types of transactions are known by many different terms such as: lawsuit loans, settlement funding, pre-settlement loans, lawsuit cash advances and case loans. The terms of the agreement specify that if the lawsuit is not successful, there is no repayment to the funding company.
Lawsuit funding is a risk free transaction in that it insures some money will be recovered in the case, regardless of the outcome.
Lawsuit funding for a personal injury claim is often given for the victims of commonly occurring accidents such as car accidents and slip and fall accidents.
