According to the National Safety Council, a total of 5,472 people died in large-truck crashes in 2023, an increase of 40% over the decade before. After a serious truck accident, your finances can unravel faster than your injuries heal. If your lawsuit is months or even years away from settling, that gap might have you considering truck accident lawsuit funding in New York.
Also known as presettlement funding, this cash injection can serve as a financial bridge during the legal process. Apex Legal Funding, LLC, explains why truck-related cases tend to take longer than other personal injury claims and when financial assistance can help plaintiffs stay afloat.
What Is the Appeal of Lawsuit Funding in a Personal Injury Case?
Unlike a traditional loan, lawsuit funding is a non-recourse cash advance without credit checks, monthly repayments, or income requirements. Victims typically only repay this amount out of a settlement or award once the case concludes successfully.
A funding company reviews the strength of your case before approving presettlement funding. If your claim appears promising, the company may advance you a portion of your anticipated award. If you do not win your case, you typically owe the lender nothing.
Why Truck Accident Cases Take Longer To Settle
The Federal Motor Carrier Safety Administration’s Large Truck and Bus Crash Facts 2022 report documented approximately 503,000 police-reported crashes involving large trucks. Around 82% of those crashes led to fatalities in the other vehicle, emphasizing that truck accidents can mean complex personal injury claims compared to a typical car accident case.
Potentially liable parties include the truck driver, the trucking company, a cargo loader, a vehicle manufacturer, or even a third-party maintenance contractor. Commercial trucking is also governed by FMCSA regulations regarding driver hours, vehicle maintenance, and cargo securement. Crash investigations take time when they must cover violated state and federal rules by checking logbooks, maintenance records, and black box data.
The damages in truck accident cases also tend to be severe. Traumatic brain injuries, spinal cord damage, and internal organ trauma require long recovery periods before medical costs can be fully documented. Attorneys typically recommend waiting until maximum medical improvement, so even fairly straightforward truck accident settlements may take 6 to 18 months to resolve.
The Financial Pressure Victims Face During a Truck Accident Claim
Understanding why truck accident cases take longer to settle explains why many victims need financial assistance during long truck accident lawsuits. You may already be considering lawsuit funding after a truck accident because medical bills keep arriving, mortgage payments continue, and your injuries prevent you from working. Insurance companies are aware of this pressure and may count on delay tactics to push a lower offer.
Common expenses that you may need help covering include:
- Rent and utility payments
- Rehabilitation and prescription costs
- Childcare and household expenses
- Transportation costs or vehicle replacements
The market reflects that presettlement funding helps alleviate accident victims’ immediate financial crises. One Yahoo Finance market analysis valued the litigation funding investment market at $19.0 billion in 2024. The same report estimated a compound annual growth rate of 13.84%, thanks to a continued growing demand for third-party funding solutions.
Know Your Truck Accident Lawsuit Funding Options Before You Apply
The U.S. Government Accountability Office’s report on third-party litigation financing says that consumer funding arrangements are commonly used by personal injury plaintiffs and are often under $10,000. Even if your amount comes under this threshold, pursuing any truck accident lawsuit funding options requires insight. For example, the terms of your agreement can significantly affect how much of your final settlement you keep.
Typical funding amounts for truck accident cases are a percentage of your anticipated settlement, after accounting for attorney fees and medical liens. The exact amount depends on the estimated case value, the severity of your injuries, and liability. It’s also important to have an attorney review the fee structure, as these accumulate as the case drags on.
To qualify for lawsuit funding, you typically must:
- Be at least 18 years old
- Have an active personal injury lawsuit with legal representation
- Have a case in which the defendant bears the majority of fault
The funding company should also coordinate with your attorney to evaluate your claim.
Benefits of Presettlement Accident Lawsuit Funding for Truck Accident Claims
Presettlement accident lawsuit funding offers several practical advantages. With no repayment if you lose, you can skip the risk of compounding financial hardship from an unsuccessful claim. Approval for these funds has no bearing on your credit score, either.
With flexibility in how you use the advance, it might be helpful to cover medical co-pays, keep the lights on, or potentially access quick cash. However, weighing the benefits of lawsuit funding for truck accident claims against the costs is a conversation worth having with your attorney. If you can manage your expenses while your case is pending, you may be better off waiting and keeping a larger portion of your eventual award.
Apex Legal Funding, LLC, Stands With New York Truck Accident Victims
Exploring lawsuit funding companies in New York might be the right move if you face a long and complex truck accident claim. Learn about the responsible use of personal injury lawsuit funding before making any decisions, or contact Apex Legal Funding, LLC, at 1-800-377-4934 to discuss your options.
Frequently Asked Questions
Here are answers to common questions about presettlement funding for truck accident victims.
Does Applying to Presettlement Funding Companies in New York Affect My Credit Score?
No. Requesting presettlement funding typically does not affect your credit score. New York companies base approvals on the strength of your legal claim rather than your credit history.
How Long Does It Take To Receive Funds After Approval?
Approved funds are often disbursed within 24 to 48 hours. The approval process itself may take a few days while the funding company chats with your attorney.
Can Truck Accident Lawsuit Funding Help Me Avoid Low Settlements?
Truck accident lawsuit funding may reduce the financial pressure that leads victims to accept early, undervalued offers. You and your attorney can take that time to pursue a fuller resolution.