Saturday, July 3, 2010
What is Personal Injury?
The most common types of personal injury claims are road traffic accidents, accidents at work, tripping accidents, assault claims, accidents in the home, product defect accidents (product liability) and holiday accidents. The term personal injury also includes medical and dental accidents.
If the negligence of another party can be proved, the injured party may be entitled to monetary compensation from that party. In the United States, this system is complex. Attorneys often represent clients on a "contingency basis," in which the attorney's fee is a percentage of the plaintiff's eventual compensation, payable when the case is resolved.
Filing and waiting for a case settlement can take a long time. During this time plaintiffs can feel financial and emotional stress. This is why many people work with their lawyer to secure lawsuit settlement funding.
A lawsuit settlement funding is an upfront advance of funds from a pending lawsuit. The amount advanced is usually an amount that is less than the expected amount from a pending lawsuit. Lawsuit settlement loans are very different than typical bank loans as they do not require a credit check, an income amount, or a statement of employment history
A lawsuit settlement loan is based on your pending lawsuit. If your lawsuit does not come out in your favor, the loan does not have to be repaid. So, in order to qualify for a lawsuit settlement loan your case should be strong and winnable.
Lawyers are prevented from lending any money to clients. The American Bar Association has strict rules against such funding from lawyers to clients. The rules were devised to prevent any kind of conflict of interest that would change the legal advice from your attorney.