Are you struggling financially after a construction accident in New York City? Lost wages, medical bills, and everyday expenses can quickly overwhelm injured workers. Pre-settlement accident lawsuit funding offers a lifeline for those awaiting their lawsuit settlement.
Construction workers play a crucial role in our economy. According to the Office of the New York State Comptroller, construction employment opportunities are vastly growing, with employment opportunities rising an impressive 30% between 2010 and 2018. Although the construction industry has many career opportunities, it’s also no stranger to workplace hazards.
That being said, construction sites in NYC are notoriously dangerous, with accidents often resulting in severe injuries and prolonged legal battles. The financial strain during this period can be overwhelming, affecting your ability to pay for necessities and potentially compromising your case.
Pre-settlement funding gives you access to a portion of your expected settlement before your case concludes. In this guide, Apex Legal Funding, LLC will explain pre-settlement funding and how it can help you during this challenging time.
How Does Pre-Settlement Funding Work?
Pre-settlement funding provides financial relief to plaintiffs involved in ongoing lawsuits. This type of litigation finance allows you to access a portion of your expected settlement before your case concludes. For construction accident victims in NYC, this cash advance can be crucial for covering immediate expenses.
According to the New York City Department of Buildings, there were 502 construction-related injuries in 2021, highlighting the prevalence of these incidents. Many of these injuries result in lawsuits, but legal proceedings can take months or even years to resolve.
Pre-settlement funding bridges the gap between your accident and your settlement. It’s not a loan but rather a non-recourse cash advance on your anticipated compensation. This means you only repay if you win your case.
The Legal Landscape of Construction Accidents in NYC
The Occupational Safety and Health Administration (OSHA) reports that construction accidents account for 21.1% of all worker fatalities in private industry. Many of these accidents involve cranes and power lines, which can lead to catastrophic injuries.
New York labor laws provide strong protections for construction workers. Section 240 of the New York Labor Law, known as the “Scaffold Law,” holds property owners and contractors strictly liable for gravity-related injuries. This law often allows injured workers to pursue compensation beyond workers’ compensation benefits.
However, navigating these laws and building a strong case takes time. During this period, you may find yourself unable to work and struggling to make ends meet. This is where pre-settlement funding can make a significant difference.
How Pre-Settlement Funding Works for NYC Construction Accident Victims
If you’re considering pre-settlement funding for your construction accident lawsuit, it’s crucial to understand the process. Let’s break down each step in detail:
- Eligibility Requirements: To qualify for pre-settlement funding, you must have a pending lawsuit and be represented by an attorney. This requirement ensures your case has legal merit.
- Application Process: You initiate the process by applying for funding through a reputable company like Apex Legal Funding, LLC. The application is typically straightforward, requiring basic information about your case and contact details for your attorney.
- Case Evaluation: Once you’ve applied, the funding company reviews your case details. This evaluation involves examining the strength of your claim, the potential settlement amount, and the estimated time to resolution.
- Approval and Funding: If your application is approved, you can receive a cash advance within days. The amount offered typically ranges from 10% to 20% of your expected settlement.
- Repayment Terms: One appealing aspect of pre-settlement funding is that you only repay the advance if you win your case. If your lawsuit is unsuccessful, you owe nothing. This non-recourse nature of the funding protects you from additional financial burden.
The National Safety Council estimates that the average cost per medically consulted construction injury is $40,000. This staggering figure underscores the financial strain many accident victims face. Rehabilitation costs, medical bills, and lost wages can quickly lead to debt by depleting savings.
Pre-settlement funding can help cover these expenses while you wait for your case to resolve. It allows you to focus on your recovery and legal proceedings without the added stress of immediate financial pressures. Whether you need to pay for medical treatments, cover living expenses, or avoid foreclosure on your home, this funding can provide a crucial financial bridge.
It’s important to note that pre-settlement funding is not a lawsuit loan. Unlike traditional loans, there are no monthly payments, and your credit score isn’t a factor in approval. The advance is based solely on the strength of your case.
Learn More About Pre-Settlement Funding in New York City With Apex Legal Funding
At Apex Legal Funding, LLC, we understand the challenges NYC construction accident victims face. We’ve helped countless clients bridge the financial gap between their accident and settlement. Our pre-settlement funding process is designed to be quick, simple, and stress-free.
We offer competitive rates and transparent terms. Our team works closely with your attorney to ensure a smooth process. Remember, you’re never obligated to accept funding, and we only take payment if you win your case.
If you’re struggling financially after a construction accident, don’t wait. Contact Apex Legal Funding, LLC today at 1-800-377-4934 to learn more about our pre-settlement funding options in New York City. We’re here to support you through this difficult time.
Frequently Asked Questions
How Long Does It Take To Receive Pre-Settlement Funding?
The process typically takes 24 to 48 hours after application. Once approved, you can receive funds within days.
Will Pre-Settlement Funding Affect My Case?
No, pre-settlement funding does not interfere with your case. Your attorney maintains full control over the legal proceedings.
What If I Lose My Case?
If you lose your case, you owe nothing. Pre-settlement funding is non-recourse, meaning repayment is contingent on winning your lawsuit.
Can I Seek Pre-Settlement Funding for Other Types of Personal Injury Cases?
Yes, pre-settlement funding is available for various personal injury cases, including car accidents, slips and falls, and medical malpractice.
