Can I receive pre-settlement funding for a nursing home abuse case?
Nursing home abuse is a serious and growing problem in the United States, affecting thousands of people each year. A legal case can be filed against a nursing home when abuse or neglect is suspected, and victims can receive financial compensation for their injuries and losses. Pre-settlement funding is an option that may give victims access to cash before the resolution of the case.
What is Pre-Settlement Funding?
Pre-settlement funding is a financial arrangement in which a third party advances money to a person who is involved in a lawsuit on an agreement that the third party will get reimbursed their funds plus a given percentage of any settlement or judgment the claimant may receive. In other words, pre-settlement funding can provide a plaintiff quick cash relief by receiving money before their case is settled, instead of having to wait until the case is completed. The amount of money a plaintiff may receive is based on their expected recovery, the estimated length of the case and other factors.
Can I Receive Pre-Settlement Funding for Nursing Home Abuse?
Yes, in most cases of nursing home abuse and neglect, victims may be eligible for pre-settlement funding. Pre-settlement funding is often an attractive option for plaintiffs involved in nursing home abuse cases, since cases of abuse in a nursing home tend to take a long time to resolve, and the victims are usually left with large medical bills and other costs. By applying for pre-settlement funding, plaintiffs can receive cash before their case is resolved, which can help alleviate the financial strain of a pending legal case.
What Do I Need to Qualify for Pre-Settlement Funding?
The requirements to receive pre-settlement funding vary from lender to lender, but generally a plaintiff must have an experienced attorney representing them and must have a valid legal claim. However, even if a plaintiff has a valid legal claim and an experienced attorney, they may still be denied pre-settlement funding if they don’t have sufficient assets or income.
What is the Application Process?
Once a plaintiff has determined that they meet the requirements to receive pre-settlement funding, they will need to apply through a third-party lender. In the application, the lender will ask for information about the case, including the type of legal claim, the estimated recovery amount, the plaintiff’s financial information and more. After the application is submitted, the lender will review the case and make a decision on whether to provide pre-settlement funding.
How Much Money Will I Receive?
The amount of pre-settlement funding a plaintiff may receive depends on the case, the estimated recovery amount, the plaintiff’s financials, and the lender’s individual policies. Generally, pre-settlement funding will range from a few hundred dollars to tens of thousands of dollars, and the amount will be determined by the lender.
Advantages of Pre-Settlement Funding
Pre-settlement funding can provide a number of advantages to plaintiffs in nursing home abuse cases, such as:
– Provides swift cash relief: Pre-settlement funding can provide cash to plaintiffs before their case is resolved, which can help alleviate the financial strain a pending case may create.
– Low risk to plaintiff: Most pre-settlement funding companies do not require any payments from the plaintiff until a settlement is reached.
– Improved negotiation power: The financial compensation pre-settlement funding can provide can help the plaintiff and their lawyer to negotiate a better settlement.
– Access to quality legal representation: Pre-settlement funding can provide victims with the funds they need to obtain a high-quality legal representation.
Disadvantages of Pre-Settlement Funding
Although pre-settlement funding can be a useful option for many people, there are some drawbacks as well. Some of the drawbacks of pre-settlement funding include:
– High interest rates: Pre-settlement funding companies generally charge high interest rates, meaning the plaintiff may have to repay more than they initially received.
– Lender fees: Lenders may charge fees for their services, in addition to the interest charged.
– Payments from settlement: Plaintiff will usually have to repay the pre-settlement funding company out of the settlement or award.
In conclusion, pre-settlement funding can be an attractive option for individuals who are involved in a nursing home abuse case. Although pre-settlement funding has some disadvantages, such as high interest rates and fees, it can be a fast and convenient option for plaintiffs who need cash relief before their case is resolved.
