If you were seriously injured due to another party’s negligence and have a pending lawsuit, you may be struggling financially while awaiting the outcome of settlement negotiations. You must still pay for your medical expenses and ordinary household bills, including rent or mortgage payments when you are out of work due to your injury. Pre-settlement funding in New Jersey could be the solution.
Pre-settlement funding is often erroneously described as a lawsuit loan. However, it is not a loan but a type of cash advance. It does not require credit checks or income verification. It is a monetary disbursement in anticipation of a settlement. At Mustang Funding, we are a litigation finance company focused on high-quality, transparent capital solutions for law firms and their clients. To learn more about pre-settlement funding, contact us today.
How Pre-settlement Funding in New Jersey Works
To qualify for a lawsuit funding, a plaintiff must have a current personal injury lawsuit pending with an attorney representing them. The lawyer must agree to discuss case specifics with us. Generally, once approved, you will receive your funds in as little as 24 hours. Once your case is settled or you receive a jury award, the pre-settlement funding is repaid.
It allows you more flexibility while waiting for a resolution. Insurance companies know that if settlement negotiations are dragged out, plaintiffs may need to accept less money to get on with their lives. With pre-settlement funding, your lawyer can fight for a higher damages award because you can cover your basic needs.
New Jersey Pre-settlement Funding Laws
Pre-settlement funding in New Jersey is a non-recourse loan. You do not have to pay it back if you do not receive a settlement or a civil trial does not end in your favor. While many people use this money to pay current and past-due bills, there is no restriction on how you spend it. You may buy a new car or pay tuition expenses for your children.
Personal Injury Cases in New Jersey
In New Jersey, the statute of limitations for filing a personal injury lawsuit is generally two years from the accident date. Failing to file a lawsuit by that deadline means your case cannot proceed.
New Jersey operates under a modified comparative negligence standard regarding liability. That means the plaintiff cannot be more than 50 percent responsible for the accident to collect damages. Further, the plaintiff’s compensation is reduced by the percentage of their fault, as determined by a jury. For instance, if the jury decides the plaintiff is 25 percent at fault, a $100,000 award is reduced to $75,000.
Contact Us to Learn Now
To learn more about pre-settlement funding and whether your case qualifies, contact Mustang Funding today. We serve Newark, Elizabeth, Jersey City, Lakewood, Edison, and other areas of the state. Since 2018, we have provided more than $150 million in funds to plaintiffs and attorneys.
