The serious injury you suffered because of another party’s negligence or recklessness affects more than your physical health. Your financial situation may become precarious, as medical and other bills pile up and you worry about keeping food on the table and a roof over your head. Although you have a personal injury lawsuit filed against the defendant, the resolution of your case could take months or even years. What do you do in the meantime?
Pre-settlement funding in Michigan provides you with a percentage of your anticipated settlement amount so you can pay bills and care for yourself and your family.
Although sometimes referred to as a lawsuit loan, pre-settlement funding in Michigan is not a loan but is like a cash advance.
You can use the money in any way you see fit. This advance is paid back when you receive money from the litigation.
How Pre-Settlement Funding Works in Michigan
Michigan pre-settlement funding is non-recourse. That means that if you do not receive a settlement or a verdict in your favor, you do not have to pay back the funding. That is a risk the lender takes.
No credit checks or background checks are necessary when applying for pre-settlement funding. Your credit score is not affected. No collateral per se is needed, as your lawsuit serves as collateral.
Michigan Pre-Settlement Funding Laws
To qualify for pre-settlement funding in Michigan, the accident must have occurred in the state and resulted in significant injuries.
In Michigan, the statute of limitations for filing a personal injury lawsuit is generally three years from the date of the accident. Failure to file the lawsuit within this timeframe means your case cannot go forward.
When it comes to liability, Michigan operates under a comparative negligence standard. You cannot seek damages if you are more than 50 percent responsible for the accident. However, you can still recover damages even if you are partly responsible for the accident causing your injuries, as long as your percentage of responsibility is less than 50 percent.
For example, if a jury finds that you are 15 percent responsible for the accident, your award is reduced by that percentage. A $100,000 award is thus reduced to $85,000.
Personal Injury Pre-Settlement Funding in Michigan
Eligibility for pre-settlement funding in Michigan requires a current personal injury lawsuit pending in civil court. You must have a lawyer representing you, and your attorney must agree to work with us in order for you to qualify.
We will discuss the merits and strength of your case with your lawyer. After conducting a thorough evaluation, we make a decision regarding pre-settlement funding.
Learn More About Pre-Settlement Funding in Michigan
If you would like to know more about pre-settlement funding in Michigan and how it can help you, contact Mustang Funding today.
If approved, you may receive your funding in as little as 24 hours. We serve Detroit, Grand Rapids, Ann Arbor, Dearborn, the Upper Peninsula, and all other areas of the state.
