pre-settlement funding in Minnesota 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 Minnesota
Pre-settlement funding in Minnesota is becoming an increasingly popular way to bridge the financial gap between an injury-related lawsuit or a settlement. It is a short-term loan that helps plaintiffs fund their legal battles and stay financially afloat during the often-lengthy process of recovering compensation.
What is Pre-settlement Funding in Minnesota?
Pre-settlement funding is a type of loan available to plaintiffs to help them cover the costs associated with their injury-related lawsuit. Unlike a lump-sum settlement, pre-settlement funding is paid out in several installments, allowing plaintiffs to receive ongoing financial assistance until the lawsuit is resolved. This makes it much easier for plaintiffs to pay for living expenses and medical bills throughout the duration of the case.
How does Pre-Settlement Funding Work?
Pre-settlement funding works by matching defense attorneys and plaintiffs with financiers who provide non-recourse funding. Non-recourse funding means that if the plaintiff does not win his or her case, the financier does not have to be paid back. Since the plaintiff is not forced to pay back the loan if he or she does not win the lawsuit, pre-settlement funding is a great way to help alleviate financial stress and reduce the risk of bankruptcy while a case is in process.
The amount of funding available to a plaintiff varies based on the severity of the injury, the strength of the case, the amount of insurance coverage, and other factors. A plaintiff can often borrow up to 10 to 20 times the expected value of the lawsuit and receive funds quickly, usually within 7 to 10 days via an electronic transfer or check.
Benefits of Pre-settlement Funding
Pre-settlement funding offers a number of benefits to those involved in injury-related lawsuits. For starters, it helps plaintiffs stay financially afloat throughout the duration of the case, even if the case drags on for months or even years. This means that plaintiffs are not forced to take on debt or dip into their savings just to cover basic living expenses.
In addition, pre-settlement funding can be used for almost anything related to the lawsuit, from covering medical bills to paying for legal fees. Because it does not require a credit check, it can also be a lifeline for plaintiffs who have bad credit or are unemployed.
Comparative Negligence and Pre-settlement Funding
Minnesota is an “at-fault” or “comparative negligence” state, meaning that the amount of compensation a plaintiff can be awarded will be reduced by the degree to which he or she was found at fault for the injury. As such, plaintiffs should be aware that pre-settlement funding can only be used to a certain extent; any personal negligence that lowers the settlement could potentially reduce the amount of the loan a plaintiff is able to receive.
Insurance Limits for Personal Injury and Auto Accidents
Minnesota’s insurance minimums are $30,000 per person and $60,000 per accident for bodily injury liability coverage. This means that, in the event of an accident or injury, the liable party’s insurance company can only pay out up to the policy limits.
This can potentially be problematic for plaintiffs in cases where the liable party has insufficient insurance coverage. Fortunately, pre-settlement funding can be used to bridge the gap between a plaintiff’s winnings and the actual costs of the injury.
Top Attorneys in the State
Minnesota is home to some of the most talented attorneys in the country. Topping the list of recommended injury attorneys in the state are:
• Stephen Spence of S. Lynn & Associates, P.A.
• Brent Larson of LarsonLawyers.com
• Attorneys Patrick William Murphy and Mark Bremerkamp of Bremerkamp Murphy & Assoc.
• John Bottarini of The Bottarini Law Firm, P.A.
• John McCahey of McCahey Law, LLC
Conclusion
Pre-settlement funding can be a great way for plaintiffs involved in injury-related lawsuits in Minnesota to stay financially afloat throughout the duration of their case. Although the details of comparative negligence and insurance coverage can be complicated, a good attorney can explain it all and help plaintiffs understand their rights and how pre-settlement funding can benefit them. Minnesota’s legal landscape is full of talent, so it’s important to consult with one of the top attorneys mentioned here or others in the state in order to make sure you are making the best decision for your financial needs.
