If you have a pending personal injury case, you may be struggling with finances as medical bills, mortgage payments, and credit cards go unpaid. Your attorney assures you that your case is strong. However, receiving a settlement or jury award can take months or even years. This is where pre-settlement funding in New Mexico can help.
At Mustang Funding, we are a litigation finance company focused on high-quality, transparent capital solutions for law firms and their clients. Although pre-settlement funding is sometimes called a lawsuit loan, it is an inaccurate description. It is like a cash advance against your future settlement or award. Unlike a loan, no credit check or income verification is required. The money is repaid when you receive your settlement or award. Contact us to learn more.
How Pre-settlement Funding in New Mexico Works
To qualify for a lawsuit funding in New Mexico, a plaintiff must have a current personal injury lawsuit pending with an attorney representing them. The lawyer must agree to provide us with information regarding the strength of your case and the estimated settlement value. We evaluate the case and make a decision. If approved, you typically receive the funds within 24 hours.
You may have been considering accepting a lower offer from the insurance company because you need the money now. Delay is a common tactic among insurance carriers. Once you receive pre-settlement funding, you and your attorney have the breathing room necessary to pursue your case and recover fair and reasonable compensation for your losses.
New Mexico Pre-settlement Funding Laws
Pre-settlement funding in New Mexico is a non-recourse loan. You do not have to repay the funds if the case is unsuccessful or the civil trial verdict is not in your favor. There are no restrictions on how you can use the funds. While most people use the money to pay medical bills and other expenses, you can spend it on anything you want. In addition, workers’ compensation claims are eligible for pre-settlement funding in New Mexico.
Personal Injury Law in New Mexico
In New Mexico, the statute of limitations for filing a personal injury lawsuit is three years from the accident date. Failing to file a lawsuit within this timeframe means your case cannot proceed.
New Mexico is a pure comparative negligence jurisdiction. Under this standard, the amount you would be entitled to in a personal injury claim is reduced by the percentage of your fault in causing the accident. For example, if you are found 20 percent at fault for the accident, a $100,000 award is reduced to $80,000. However, you may still be eligible for compensation if you’re found more at fault than the negligent party–even if it’s 80 percent.
Contact Mustang Funding for More Information
Plaintiffs who are desperate for financial stability give their opponents an unfair advantage at the negotiating table. Pre-settlement funding provides a solution to this common problem by offering upfront cash to litigants waiting to resolve their cases.
To learn more about pre-settlement funding and whether your case qualifies, please contact us today. We serve Albuquerque, Las Cruces, Rio Rancho, Roswell, Santa Fe, and other areas of the state. Since 2018, we have provided more than $150 million in funds to plaintiffs and attorneys.
