pre-settlement funding in New York 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 New York
Pre-settlement funding is becoming increasingly popular among personal injury victims in New York. With pre-settlement funding, individuals who have been injured in an accident can receive a portion of their settlement before the legal process is complete. This allows them to pay urgent bills and receive medical treatment sooner. Although pre-settlement funding allows plaintiffs to receive money prior to settling their case, there are some aspects of New York law, such as comparative negligence and insurance limits, that should be considered before securing a loan. In this article, we will explain the benefits and risks of obtaining pre-settlement funding in New York, as well as highlight some of the top personal injury lawyers in the state.
Benefits of Pre-Settlement Funding
The primary benefit of pre-settlement funding is that it gives injured parties access to necessary funds while their case is being litigated. Compared to traditional financing options, pre-settlement funding tends to be easier to obtain because it does not require good credit or steady income. With pre-settlement funding, plaintiffs receive a percentage of their expected settlement right away, which can help them pay for urgent bills and medical treatments without sacrificing their case or future economic security.
In addition, pre-settlement funding can be a very enticing option for plaintiffs who are in need of cash but who also want to preserve their legal rights. With pre-settlement funding, lenders typically accept a lien on the settlement, which means that the plaintiff retains all of their legal rights. This allows them to continue their pursuit of a fair settlement without having to worry about repaying a loan.
Comparative Negligence
When pursuing a personal injury claim in New York, it is important to understand the concept of comparative negligence. This is a legal doctrine that is sometimes invoked when two parties are found to be equally responsible for an injury. In such a situation, the amount of monetary damages awarded to the plaintiff may be reduced in proportion to the amount of fault that they are found to have. For example, if an injured party is found to be 10% at fault for an accident, they can expect their settlement to be reduced by 10%.
It is important to note that New York is a comparative negligence state. This means that injured parties may still be eligible for compensation even if they are partially to blame for the accident or injury. However, they should be aware that the amount of compensation they ultimately receive could be drastically reduced based on their level of negligence.
Insurance Limits
New York requires drivers to carry a minimum level of insurance, which is set at 25/50/10. This means that drivers must carry a minimum of $25,000 for injury or death of one person per accident, $50,000 for injury or death of two or more persons per accident, and $10,000 for property damage per accident. Although this may seem like a large amount of coverage, it may not be enough to cover the expenses associated with a serious or catastrophic injury. In addition, New York is a “No-Fault” state, which means that drivers’ own insurance companies will pay for basic losses such as medical bills and lost wages regardless of who caused the accident.
Top Attorneys in NY
When pursuing a personal injury claim, it is important to have a skilled and experienced attorney on your side. Here are some of the top personal injury attorneys in New York:
• Jacoby & Meyers: This law firm has more than 40 years of experience in personal injury law and has helped thousands of injured parties receive the compensation they deserve.
• Leav & Steinberg: This law firm is widely recognized for its expertise in personal injury cases, and its attorneys have successfully recovered million-dollar settlements for their clients.
• Powers & Santola: This prominent law firm is well known for its personal injury practice and has achieved positive outcomes in a variety of claims, ranging from on-the-job injuries to car accident cases.
• Jacob Fuchsberg Law Firm: This experienced law firm has a long history of litigating personal injury cases in New York, and its attorneys are highly respected in their fields.
Conclusion
Pre-settlement funding allows accident victims to receive a portion of their settlement while their case is still pending, but there are some risks to consider before taking out a loan. It is important to understand the concept of comparative negligence and New York’s insurance requirements in order to ensure that you get the compensation you deserve. Additionally, you may want to consider consulting with one of the top personal injury attorneys in New York before making any decisions.
