Funding Techniques

Give Fight To Injustice Through Legal Funding

If you feel that you have been wronged by someone and are fighting a legal battle for the cause, you may sometime experience the cash crunch and a difficulty in making payment to your attorney. To save you from such agonising situations, the concept of Legal Funding has been evolved. This type of borrowing money is quite different from a loan. Legal Funding is often referred to as litigation financing or attorney loans, but it is actually an advance on the future value of your case. It is a way to focus on your case without the burden of coping with the financial burden or waiting for the case to settle to receive your settlement.

Borrowing money as Legal Funding is very simple and many agencies have stepped forward to provide you the most required funds by filing the simple application forms online. Every type of case is considered for the purpose and after finding your case as an eligible one, the money is credited to your account. The money received as Legal Funding can be used for any personal use which is legal and does not harm the interests of the society.

Get Hold Of Your Funds Through Legal Funding

It is not necessary that your settlement money will be credited immediately after the decision taken in your favour. The process may take time and your attorney may have to wait for the cheque. This financially tight position can be eased by going for Legal Funding. This funding can be used to help those who are receiving settlement payments over time. Legal Funding should not be confused with a loan as in case of a loan, you are bound to repay the money, but the concept of funding saves you from this liability. If you have received some money as an advance during Legal Funding, you are not required to pay back the borrowed amount if the verdict goes against you.

The amount received against the funding can be of any magnitude and the amount you qualify for is determined by the facts and strength of your case. The amount thus received against Legal Funding can be used for any personal purpose, big or small. The money can be put to use to save your home in the face of foreclosure and mounting debt and to continue the treatment of your parents.

Settlement Funds Become Easily Accessible Through Legal Funding

If you have to fight a legal battle but don’t have enough funds to pay for the attorney or other expenses then you have full rights to apply for Legal Funding. This funding is made by the state if you intend to use it to get general legal advice. Generally Legal Funding is not allowed when a person intends to use it for defamation claims, claims for personal injury, death or damage to property through negligence. It is not possible for all to get these public funds for their use. The eligibility criteria set to grant a person this money is the likelihood of the individual winning his case, the likely cost of the funding and the benefit which will be obtained for the individual.

To avail the facility of Legal Funding the individual must satisfy the financial tests. His income and capital must be below strict limits in order to qualify for public funding. There are many lending agencies which are coming forward to help the clients in the critical financial situation and are trying to make the otherwise lengthy process of Legal Funding simple by simplifying the complex paper work.

Future Value Of Your Case Becomes Available Through Legal Funding

If you are waiting for the release of some funds to be received as settlement funds, your wait can take substantial time because of the formalities your attorney has to do before the final clearance. This should not hold you from your routine necessary expenses. With this view came the principle of Legal Funding. This Legal Funding generally relates to the individuals who are in need of immediate money, and have a lawsuit for personal injury, medical malpractice, or employment discrimination etc.

Legal Funding should never be confused with a loan, as it is an advance which is adjusted from the future settlement funds to be received. If a plaintiff loses the legal battle then the advance received need not be paid back, whereas in case of a loan it has to be paid back at any cost. As it is not a loan, there is no issue of bad credit reputation or bankruptcy.

The release of money as Legal Funding is not a major issue as the lender only needs to contact your lawyer and requests some information to assess how much money can be granted to the applicant.

Hassle Free Money Flows In Through Legal Funding

A lot of money is required to file a lawsuit and waiting for the release of settlement funds further is a time consuming process. In the meantime, your life goes on and your routine responsibilities like children’s educational expenses, rent payment, bills payment, medical treatment, car expenses and other living expenses have to be dealt with by you. In this situation Legal Funding comes to your aid and the money received as advance against the settlement funds helps you to handle your liabilities.

Legal Funding can come to the plaintiff from any source but the basic documentation needs are must to be fulfilled. The agency offering the Legal Funding may ask for attorney-client retainer agreement, proof of defendant’s insurance coverage, police, accident or incident report, details of medical bills and other case specific material and documents.

Due to the associated costs, Legal Funding is typically more expensive than loans, credit cards and borrowing from family so it’s a good idea to exhaust all other options before considering this type of legal advance. Once received, the case is reviewed by an underwriter who determines the viability of funding by consulting the client’s attorney.