Before you go and get the quick and easy money in the form of a lawsuit advance or pre-settlement funding, you need to see if your state allows it.
There have been some updates on the National Conference of State Legislatures website
According to the website:
“Civil litigation can be very expensive if someone has suffered harm and wants to seek damages through the court system. Since the late 1990s, some businesses have offered plaintiffs money to help with their living expenses during their court cases, with repayment contingent upon the plaintiffs’ success in court, similar to contingency fee agreements used by law firms. But policymakers and others have raised questions about whether this financial assistance in lawsuits helps or hurts consumers and the justice system.How does an individual lawsuit financing transaction work?
In a typical individual lawsuit financing transaction, someone who has suffered a personal injury and is pursuing a legal claim for the injury on a contingency fee basis, seeks financial assistance from a third party during the case’s progression. The financial assistance could be for living or medical expenses, rather than legal costs. After reviewing the eligibility of the pending claim to verify that the claim has merit and is likely to succeed, the lawsuit financing company will advance the funds to the consumer. The consumer will repay the funds if and when the client settles or wins the lawsuit. During the course of the financing, funding fees will accrue, and these fees can increase based on the time it takes to resolve the underlying legal claim.
In the 2014 legislative session, 12 states addressed lawsuit financing transactions. Two states enacted legislation: Oklahoma amended provisions regarding administrative fees for violations by consumer litigation funders and Tennessee created the Tennessee Litigation Financing Consumer Protection Act.” http://www.ncsl.org/research/financial-services-and-commerce/litigation-funding-transactions-2014-legislation.aspx
Check the states the allow pre settlement funding here. You can borrow money or get an advance on your injury case. It will definitely help you will the things you want and need if you have been waiting months or years to get paid. Call Empire Settlement Today for more information.
| Alabama | Alaska | Arizona | Arkansas |
| Connecticut | |||
| Florida | Georgia | Hawaii | Idaho |
| Indiana | Iowa | ||
| Kentucky | Louisiana | Maine | |
| Massachusetts | Michigan | Minnesota | Mississippi |
| Missouri | Montana | Nebraska | Nevada |
| New Hampshire | New Jersey | New Mexico | New York |
| North Dakota | Ohio | Oklahoma | |
| Oregon | Pennsylvania | Rhode Island | |
| South Dakota | Texas | Utah | |
| Vermont | Virginia | Washington | West Virginia |
| Wisconsin | Wyoming |
IF you are an attorney and need to know the laws for each state on pre settlement funding, you can check out legislation either pending or enacted. http://www.ncsl.org/research/financial-services-and-commerce/litigation-funding-transactions-2014-legislation.aspx