Lawsuit Funding Solutions
– The Steps To Take

Mar 17, 2010

When you are a plaintiff who is involved in a lawsuit, you may have to deal with a great deal of frustration due to the lawsuit and to mounting debts that could occur while you are waiting for a settlement to be reached. The entire process can take months or even years, which can leave you waiting for money that you need to survive. One way to get some money before a settlement is reached is to look to lawsuit funding. Lawsuit funding is a no risk, non-recourse advance that you receive from a funder that can help you pay the bills while you are waiting for your settlement to be reached. Read on to learn about different lawsuit funding solutions and what steps you need to take.

Step 1: Find a Company

Before you can apply for an advance, you need to find a company to apply to for funding. The company should be one that has experience in lawsuit funding and which offers a no-recourse advance. This means that, should your case lose in court, you will not be required to pay back the amount that you have received in advance, allowing you to feel secure in knowing that any money you receive will either be paid back through your settlement or judgment or will not have to be paid back at all.
When you’re looking at the variety of companies that you can select from, make sure that you choose one that is reputable. Give them a phone call to speak with their representative and do a search online about them. This will help you to find one that will do as they say and not give you the runaround.

Step 2: The Application

The next step is to apply for the lawsuit advance. The application is easy and, unlike loans, there is no out of pocket fee involved in getting a lawsuit advance. If the company that you’re looking at is charging you an out of pocket fee, you may want to select another company, as there should be no out of pocket fees required to get lawsuit funding.

Step 3: The Documents

With all lawsuit funding companies, documents will be required from your attorney. These documents are quick and easy for the attorney to fill out (often their paralegals do them) and are basically designed to help the underwriter for the lawsuit funding company to ensure that they are taking on a client who has a case that is likely to win. These documents can be faxed to the company in order to make the approval process quicker.
Once the documents have been received, the approval time can take an average of one to two days. Once the approval is given from the underwriter, the money will be wired to your bank account or will be sent in the form of a bank check, giving you the funds that you need to live on while your case is in court.