pre-settlement funding in Illinois 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
What is Pre-Settlement Funding in Illinois?
Pre-settlement funding, also known as law-firm lien financing or consumer legal funding, is a type of legal financing where the borrower uses an agreement with their attorney and a third-party financier. The borrower sells an assigned portion of their expected lawsuit settlement for payment.
In Illinois, pre-settlement funding may be used for waiting for compensations associated with personal injury or property damage claims or to pay living expenses until the case is settled. Potential borrowers in Illinois have a few extra options due to the state’s “Structured Settlement Protection Act” which was designed to protect consumer rights and ensure that they are receiving a fair deal.
Benefits of Pre-Settlement Funding in Illinois
One of the primary benefits of pre-settlement funding in Illinois is its speed and flexibility. If a borrower is approved, the funds can usually be received in 48 hours or less. This is critical for those who need cash to cover living expenses while waiting for their case to be settled.
In addition to its speed, pre-settlement funding in Illinois also allows borrowers to obtain emergency funds without making any immediate payments. This type of loan also offers greater flexibility than traditional lenders, as it does not require a credit score check or income verification. This means borrowers can access pre-settlement funds even if they have a low credit score or limited income.
In comparison to traditional loans, pre-settlement funding in Illinois also offers a large amount of protection. Under the Structured Settlement Protection Act, borrowers are protected against balloon payments and other predatory lending practices.
Comparative Negligence in Illinois
When filing for a personal injury claim in Illinois, it is important to understand the concept of comparative negligence. This legally defined concept allows for fault to be apportioned between multiple parties.
For example, if two people are injured in an accident and both were found to be at fault, the award from the settlement may be reduced based on their individual percentage of fault. This means that if one person was found to be 20% at fault, then the award for damages may be reduced by that same factor. Comparative negligence is an important concept for personal injury claimants to understand before pursuing a case.
Insurance Limits for Personal Injury and Auto Accident in Illinois
In Illinois, the minimum amount of auto insurance coverage that a driver must carry is $25,000 per person/$50,000 per accident for bodily injury, $20,000 per accident for property damage, and $25,000 per person/$50,000 per accident for uninsured/underinsured motorist coverage.
When it comes to personal injury claims, there is no specific minimum coverage limit set by the state. However, it is important to note that insurance companies have a legal obligation to act in good faith in all cases. This means they must treat accident victims fairly and provide compensation that is reasonable and necessary for medical care and other expenses.
Some of the Top Attorneys in the State of Illinois
When considering a legal case in Illinois, it is important to consider hiring an experienced attorney. Luckily, Illinois has some of the top attorneys in the nation, including:
– Jonathan Minkus, who specializes in personal injury, medical malpractice, and product liability cases.
– Jordan Spero, who specializes in business and real estate law, probate law, family law, and more.
– Thomas O’Gara, a highly recommended civil litigation attorney.
– Stephen Tobin, a highly experienced attorney who specializes in employment law and personal injury.
– Stuart H. Smith, who specializes in products liability and personal injury.
– And, Thomas Kranz, an experienced employment lawyer.
Conclusion
Choosing the right attorney is important when pursuing any legal case. Pre-settlement funding in Illinois can provide assistance to those in need while waiting for their case to be resolved. With the right attorney and pre-settlement funding, individuals can pursue the justice and compensation they need.
