pre-settlement funding in Alaska 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 has become a popular option for personal injury victims in Alaska to meet the financial demands of their ongoing needs after an accident occurs. Pre-settlement funding complements traditional sources of financial aid for personal injury claims, such as those provided by insurance companies or the tort system, by providing cash before the lawsuit resolves. In this way, pre-settlement funding helps individuals in Alaska who have not yet received compensation from their claims and are facing financial hardship as a result.
What Is Pre-Settlement Funding?
Pre-settlement funding is a form of non-recourse loan given to a personal injury plaintiff to cover their financial obligations while awaiting for their case to settle. This type of funding is provided by a third-party financial institution, such as a bank or a specialized pre-settlement funding company. The loan is based on the strength of the case, not the plaintiff’s credit score or earnings, so a lawsuit is needed to qualify for the loan. The loan can be used to cover medical expenses, lost wages, legal fees and other related costs while the plaintiff waits for a settlement.
Benefits of Pre-Settlement Funding
One of the biggest benefits of pre-settlement funding for personal injury victims in Alaska is that it provides much-needed cash relief before their case settles. This is important because it allows victims to cover their everyday expenses, legal fees, and medical bills instead of having to wait until their case is resolved to receive financial relief. For example, if a victim is unable to work due to their injuries, pre-settlement funding helps bridge the gap between the current expenses and future payments.
Other benefits of pre-settlement funding include:
• Quick Access: Pre-settlement funding doesn’t require a collateral or a credit check, which makes the process often more convenient and faster.
• Low-Risk: Pre-settlement funding is non-recourse, meaning if the plaintiff loses their case, they are not required to pay back the loan.
• Flexibility: Pre-settlement funding is tailored to the individual’s needs and can be adjusted as the case progresses.
Comparative Negligence In Alaska
Comparative negligence is an important concept in Alaskan personal injury cases. Under Alaska’s comparative fault laws, a plaintiff can still receive damages even if they are found to be partly responsible for the accident. However, their damages will be reduced by the percentage of fault attributed to them. For example, if a plaintiff is awarded $10,000 in damages and is found to be 30% at fault for the accident, then their award will be reduced to $7,000. It’s important to understand these laws if you file an injury claim in Alaska, as they could impact the outcome of your case and the amount of compensation you can recover.
Insurance Limits in Alaska
It’s important to be familiar with the insurance limits available in Alaska before filing an injury claim. Like most states, Alaska requires motorists to carry insurance coverage on their vehicles, including property damage and bodily injury liability. The minimum insurance limits are $25,000/$50,000 for property damage and bodily injury liability. If a plaintiff’s damages exceed the coverage, they may need to cover the difference out-of-pocket unless they have additional coverage or are able to seek legal recourse.
Top Attorneys In Alaska
There are some of the top attorneys in Alaska who specialize in personal injury cases and can help victims recover the financial compensation they deserve. These attorneys include:
• Stephen E. Cole, a partner with the Anchorage firm Bull Attorneys. Cole has more than 20 years of experience handling personal injury, wrongful death, and workers’ compensation claims.
• Trey Cassidy, a partner with Levine Sullivan Koch & Schultz in Anchorage. Cassidy has extensive experience representing injured individuals and helping them secure the maximum compensation for their losses.
• Paul Kasmar, a partner with the Juneau firm of Greenwood & Kasmar. Kasmar has helped numerous personal injury victims get the compensation they needed for their medical costs, lost wages, and other related expenses.
• Sean Maynard, a partner with the Anchorage firm Harden & Harden. Maynard is a dedicated personal injury attorney who is committed to helping victims get the justice they deserve and the financial compensation they need.
Conclusion
Pre-settlement funding can be a helpful financial tool for personal injury victims in Alaska who are waiting for their claims to settle. Additionally, it’s important to understand Alaska’s comparative negligence laws, as well as the insurance limits in the state, to ensure you get the compensation you deserve. Lastly, be sure to work with one of the top attorneys in Alaska to help you secure the financial compensation you need.
