If your loved one was killed in an accident, you’re probably working through a wide range of challenging emotions. Seeking a wrongful death settlement can help you begin moving forward, but you may have never anticipated how long your case would take to settle.
Pre-settlement accident lawsuit funding can help you make ends meet while you wait for your settlement. Learn how pre-settlement funding supports families affected by wrongful death.
What Is Lawsuit Funding?
Pre-settlement funding is a type of loan available to plaintiffs in personal injury claims, including wrongful death claims. While many types of pre-settlement funding exist, the process usually works like this:
- You apply for an advance on your eventual settlement.
- The legal funding company evaluates your case to determine your likelihood of winning compensation.
- If the company finds your case to be strong, they will send you an advance of up to 20% of your settlement.
- You repay the loan, plus interest and fees, once your case settles.
- If you lose your case, you won’t owe anything.
This form of financing is a great option for families struggling financially during wrongful death cases. It is risk-free and does not require any form of collateral. Many lawsuit funding companies charge no upfront costs and have low interest rates. They also have no credit check requirements, making funding available no matter your financial history.
How Can Pre-Settlement Funding Help Families During Wrongful Death Cases?
Unfortunately, unintentional injuries were the third-leading cause of death across the U.S. in 2022. Pre-settlement funding offers many benefits for families dealing with the stress and grief involved in a wrongful death case. Applying for funding can help your family in all of the following ways.
Provide Immediate Financial Relief During a Challenging Time
While you may have a settlement coming to you at the end of your wrongful death case, it could be months or years away. Non-recourse financing offers fast financial relief. You can often receive your funds within a few days of your application, allowing you to use them toward essential expenses immediately.
Help Pay for Legal Fees and Associated Costs
Even if your attorney operates on a contingency fee basis, you’ll likely still owe legal costs as you navigate your wrongful death case. These may include court fees, filing fees, and more. These costs are often due up front, but you may not have the funds to pay them if you are already struggling to make ends meet after your loved one’s death.
With pre-settlement funding, you can pay these fees without stealing your savings.
Provide Financial Assistance for Funeral Costs and Medical Bills
Funerals can cost anywhere between $5,000 and $10,000 on average. If your loved one did not have many assets at the time of their death, you’ll likely need to pay for the funeral out of your own pocket while you await the wrongful death settlement. This expense can take a toll on your financial situation, not to mention the co-pays and other medical expenses that occurred leading up to your loved one’s death.
A pre-settlement loan helps prevent these expenses from draining your savings. You can use your funding to pay for these costs while reserving your normal income and savings for other expenses.
Help Make Ends Meet for Everyday Expenses
Unfortunately, monthly bills don’t stop coming just because you are navigating a wrongful death case. You’ll still need to pay for housing, utilities, groceries, gas, and other everyday expenses just to survive. You can use your pre-settlement funding to cover these financial obligations.
You’ll avoid falling behind on bills and owing interest or other fees.
Allow Yourself To Take Time Off Work
Going to work each day while you struggle with grief after your loved one’s death — and navigate a stressful legal case — can feel next to impossible. But you may be unable to afford to miss work and sacrifice your income.
By securing pre-settlement funding, you can feel better about taking time off work during your case. You can simply deposit your cash advance in your bank account and use it as needed.
Prevent You From Accepting an Inadequate Settlement
Insurance company tactics often involve presenting a low-ball offer as the first settlement proposal. If you are struggling financially, you may feel tempted to accept this first offer just so you can put money in your wallet.
Lawsuit funding gives you more flexibility to negotiate a higher settlement. You’ll already have a portion of your eventual settlement, enabling you to take more time during negotiations and avoid settling for less than you need.
Give Peace of Mind for Financial Stress
All in all, pre-settlement funding provides peace of mind during a tumultuous time. You may face many stressors during your wrongful death case, but money doesn’t have to be one of them.
Seek Pre-Settlement Funding Through Apex Legal Funding, LLC
Are you ready to seek pre-settlement funding during a wrongful death case? Apex Legal Funding, LLC, makes the process easy for New York plaintiffs. Contact us today at 1-800-377-4934 to learn more about our 24-hour cash advance and start your application. Then, explore the role of pre-settlement funding in high-value car accident claims.
Frequently Asked Questions
How does a wrongful death settlement work?
A wrongful death settlement happens when the at-fault party agrees to give your family a sum of money to avoid going to court. As many as 95% of personal injury cases, including wrongful death cases, settle out of court.
Who qualifies for pre-settlement funding?
Plaintiffs in lawsuits qualify for car accident pre-settlement funding (or their respective type of funding) when they have a strong legal case, work with a licensed attorney, and meet the lending company’s specific requirements.
How does settlement funding work?
Settlement funding works by providing an advance on a portion of your expected lawsuit settlement. You repay the advance at the conclusion of your case if you win; if you lose, you owe nothing in return.
