pre-settlement funding in Alabama 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
are
Pre-Settlement Funding in Alabama: Understanding the Legal Benefits of Financial Assistance
When an accident or injury causes financial hardship, pre-settlement funding in Alabama can provide a helping hand. This type of financial assistance can help an injured party or their family cover expenses, such as medical bills and other related costs, during the lengthy legal process.
In this article, we will outline what pre-settlement funding is, the advantages of such services, and the legal protections available in Alabama that could benefit the injured party.
What is Pre-Settlement Funding?
Pre-settlement funding, also known as lawsuit funding, is a type of loan for individuals who have filed a personal injury claim or lawsuit. These funds are commonly used to pay for expenses, such as medical bills and other related costs that have arisen due to the injury or accident.
In pre-settlement funding, the loan provider typically agree to advance a sum of money in exchange for a portion of the settlement or award the claimant expects to receive in the court case. This means the loan provider will only be paid if the claimant wins or settles their case. To qualify for pre-settlement funding, recipients must have an active case that is expected to settle or be won in court.
Advantages of Pre-Settlement Funding
There are a number of advantages to applying for pre-settlement funding. One of the biggest benefits is the lack of risk associated with receiving the funding. Clients do not have to worry about repaying the loan if they do not win or settle their lawsuit.
Another advantage is the quick turnaround time for getting approved for funding. Unlike a traditional loan from a bank, the application process for pre-settlement funding is very fast, often taking just 24 to 48 hours.
Finally, state-specific regulations are in place to protect consumers who receive funding. In Alabama, protection is provided through the Alabama Small Loan Act and the Alabama Consumer Credit Act. These laws afford consumers certain financial safeguards, such as limiting interest rate amounts.
Comparative Negligence and Insurance Limits in Alabama
The laws governing funds in Alabama are also in place to protect claimants in personal injury cases. In Alabama, comparative negligence is used to determine a claimant’s financial responsibility for an accident or injury. Comparative negligence means that any percentage of fault for an accident or injury will be factored into the eligible compensation amount.
For example, if the claimant was found 40% responsible for their injuries, the court could reduce their compensation amount by 40% to account for the relative degree of fault. In the event that a claimant is found to be more than 50% responsible for the accident or injury, they are not entitled to any compensation.
In addition, insurance limits may also affect a claimant’s award amount. In Alabama, claimants may also be subject to a financial cap if they are filing a personal injury claim or lawsuit against an at-fault driver. This means the amount of compensation available may be limited by the insurance limits set by the at-fault driver’s insurer.
Top Attorneys in Alabama
If you or someone you know has been injured in an accident or due to negligence, it is important to hire a lawyer who is knowledgeable about personal injury laws and regulations in the state. Alabama is home to many qualified attorneys, including those who specialize in personal injury claims. Some of the top attorneys in the state include:
• Daniel H. Conner: A leader in personal injury cases, Mr. Conner has been a Partner at the Conner & Lindsay, LLC since 2003.
• Michael J. Goodwin: Mr. Goodwin is a highly experienced attorney based in Birmingham, and is a partner at Tatum & Tatum. He is well versed in car accidents, truck accidents, and medical malpractice cases.
• Micheal B. Lightman: A lawyer with Lynch & Lightman Law, Mr. Lightman is experienced in representing clients in personal injury cases.
• David J. Maloney: Mr. Maloney is a Partner at Maloney & Johnson, Law, PC and is an experienced advocate for an injured party’s rights. He often takes on complex and difficult cases, with a focus on trucking cases.
• James C. Brown: Mr. Brown is a Partner at Tunstall Marshall Brown, LLC and is recognized as a leader in the legal community. He services clients in Alabama, Georgia, and Tennessee.
In conclusion, pre-settlement funding in Alabama is an increasingly popular type of financial assistance for those who have sustained an injury due to negligence or an accident. It is an attractive option as there is no risk to the claimant and it can also be acquired quickly. Additionally, there are protections provided by the state for those who receive funding. If you are looking for an experienced attorney to represent your personal injury case, Alabama boasts some of the best in the field.
