pre-settlement funding in Kentucky include topics of the benefits of pre-settlement funding, comparative negligence, insurance limits for personal injury and auto accidents and who the some of the top attorneys in the state
Pre-Settlement Funding in Kentucky
Pre-settlement funding, also known as lawsuit funding or settlement loans, is a type of short-term financial relief that helps plaintiffs who are involved in pending lawsuit settlements cover the costs of living while they await the outcome of their legal case. It helps fill-in the financial gap while they are waiting for the legal system to resolve their personal injury claim or lawsuit. Pre-settlement funding in Kentucky comes with a range of benefits, from eliminating the risk of going into serious debt to empowering those who have been wrongfully injured to seek legal recourse for their damages.
Benefits of Pre-Settlement Funding
One of the main benefits of pre-settlement funding in Kentucky is that it eliminates the risk of going into serious debt. Since these types of funding are non-recourse, meaning that the borrower is only responsible for repayment of the loan if the plaintiff is successful in their lawsuit or settlement agreement. If the lawsuit is unsuccessful, the borrower does not have to worry about repaying the loan. This makes it much easier for the plaintiff to focus on their legal case without the worry of accumulating unmanageable debt.
In addition, pre-settlement funding provides a much needed financial lifeline to families who are struggling to make ends meet while they wait for their lawsuit to be resolved. With pre-settlement funding, plaintiffs can immediately receive a cash advance to cover the costs of medical bills, lost wages, or other necessary living expenses. This financial relief helps to reduce the amount of stress and financial hardship associated with a pending lawsuit.
Comparative Negligence
Comparative negligence is a legal principle that allows courts to assign a percentage of fault to both parties involved in an accident. This is an important concept in Kentucky personal injury law because it determines the extent of damages and compensation that the victim is entitled to receive. Depending on the court’s findings, plaintiffs may be assigned a percentage of fault in the accident, which can impact their overall compensation. For this reason, pre-settlement funding can help protect the plaintiff’s financial interests by providing the financial resources necessary to cover their expenses while they await a resolution.
Insurance Limits for Personal Injury and Auto Accidents
In Kentucky, the minimum amount of liability insurance a person must carry in order to drive is $25,000 for injury or death of a single person in an accident, $50,000 for injury or death of multiple persons, and $10,000 for property damage. This means that if the damages from an accident exceed the limits of the liability coverage, the plaintiff may be responsible for any remaining expenses not covered by the insurance policy. This is an important consideration when a plaintiff is considering filing a claim or lawsuit for personal injury or auto accident damages because it helps them to understand the full financial implications of their case. Pre-settlement funding can help provide a financial cushion while they wait for their insurance coverage to take effect or if they are responsible for any expenses that may not be fully covered by the policy.
Top Attorneys in the State
Pre-settlement funding in Kentucky can be a great resource for plaintiffs who are preparing to file a personal injury or auto accident claim, but having the right representation on their side is equally as important. Fortunately, there are a number of excellent attorneys in the state, such as Thomas Jenkins, S.G. Smithers, Kevin C. Trofatter, and Mark Stephens, who can help provide expert legal guidance throughout the process.
Conclusion
Pre-settlement funding in Kentucky can be a valuable resource for those who are awaiting a resolution to their personal injury or auto accident claims. It provides essential financial relief, eliminates the risk of going into serious debt, and helps to ensure that the plaintiff can receive the full amount of compensation to which they are entitled. Additionally, there are a number of top attorneys in the state that are available to provide expert legal advice and representation to personal injury plaintiffs.
