pre-settlement funding in Connecticut 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 Connecticut
Connecticut is one of the many states in the U.S. that offers pre-settlement funding for individuals suing others for personal injury damages. Pre-settlement funding is a form of alternative funding to assist those going through the civil court process, allowing those that have viable cases to cover their expenses while their cases come to a conclusion. This allows those undergoing the civil court system to be more independent, not having to worry about how their everyday bills are going to be paid.
Pre-settlement funding is not a loan but an advance on what may be won in a case, also known as a non-recourse funding. If the lawsuit is successful and a monetary reward is brought back then the funder will be paid back with money from the settlement. If the case is lost then the pre-settlement funder will forgive the advance and no money will be expected to be paid back.
Benefits of Pre-Settlement Funding
Pre-settlement funding has many benefits, but the most notable of those benefits may be financial independence. Statistics have shown that debt goes up substantially during the time an individual is suing another for personal injury damages. Most claimants, who don’t have access to alternative funding, are forced to use credit cards in order to cover their daily expenses. This in turn can create more financial strain as interest rates tend to be very high on these cards, resulting in the claimant being in more debt in the long run.
Pre-settlement funding can also help with the sudden and abrupt increase in expenses that comes with the legal process. Court and lawyer fees, combined with everyday living expenses, can be hard to cover for those and don’t have easy access to cash. Pre-settlement funding is one way to help those having trouble paying their bills while waiting for their lawsuit to come to a conclusion.
Comparative Negligence
An important legal concept a factor in pre-settlement funding is that of comparative negligence. Comparative negligence is a key aspect in many personal injury cases because it can have a dramatic impact on settlement and the amount of compensation given to the claimant.
In Connecticut, comparative negligence is determined through a system called proportional liability, in which each party in the lawsuit can bear partial responsibility for an accident or incident. In this system, the amount of the award is deducted from the amount each party involved was responsible for.
For example, if the plaintiff is found 49% responsible for the accident then that percentage of the award is removed and given back to the defendant. This means that if the plaintiff is awarded $50,000 then the defendant would be responsible for $25,000. Similarly, if the plaintiff was found 20% responsible for the accident then only $40,000 of the original award would be given to the plaintiff.
Insurance Limits for Personal Injury and Auto Accidents
In Connecticut, most personal injury and auto accident claims are limited by the total amount of insurance coverage each party involved carries. This limit varies depending on the type of accident that occurred and the amount of coverage each party has. Generally, the maximum insurance payout for most cases will range between $20,000-$50,000.
It is important to note that these insurance limits do not account for punitive damages. Punitive damages generally make up the larger part of most settlements and are not included in the insurance coverage. In order to account for these damages, it is important to obtain pre-settlement funding as it will account for these potential payments.
Top Attorneys in the State
For those looking to pursue a pre-settlement funding case in Connecticut, there a number of top-tier personal injury attorneys that may be able to help. One of them is Bensel Law Firm, located in Bridgeport. At the Bensel Law Firm, they understand the nuances of the personal injury law in Connecticut and have a proven track record of success.
Another reputable firm to work with is McEnery Price Messey & Sullivan. Located in Middletown, CT, they specialize in personal injury cases as well as other types of civil law. They have over 45 years of experience and are highly recommended by many Connecticut residents.
Finally, the Law Offices of Mark P. Lomazzo. Located in Hartford, CT, they use a team approach to personal injury and auto accident cases. They specialize in advocacy for their clients, giving them the best chances for a successful outcome. Mark P. Lomazzo has been practicing law since 1998 and has a great track record of success in his cases.
Pre-Settlement Funding in Connecticut
Pre-settlement funding is an important alternative funding source for individuals going through the civil court system for personal injury damages in Connecticut. With the proper knowledge, these individuals can use pre-settlement funding to their advantage and can have access to funds quickly and without having to wait through a lengthy loan process. With reliable and experienced attorneys like Bensel Law Firm, McEnery Price Messey & Sullivan, and Law Offices of Mark P. Lomazzo on their side, they will have a better chance of success in their cases and be able to pay their bills while they wait.
