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How Lawsuit Funding Works

Each year millions of people are injured in car accidents, at work and during medical procedures.  These injuries put people out of work and create a financial burden that is not lifted until their case settles.  Surveys show that 62% of Americans have less than $1000 in savings.  Being injured and out of work will quickly dwindle many people’s savings and put pressure on them to settle for less than their case is worth.  The solution to this problem is lawsuit funding. 
Lawsuit funding vs a Loan
Lawsuit funding is different than a loan.  A lawsuit is an illiquid (difficult to turn into cash) asset with an uncertain outcome, which can be liquidated (turned into cash) by selling off a portion of the case to a third party.  Lawsuit funding is based upon the facts of the case whereas a loan is based upon the credit worthiness of the borrower.  Lawsuit funding is only paid back if the case settles whereas a loan requires monthly payments from the borrower. 
Why Take Lawsuit Funding?
Many people don’t have the financial assets to withstand an emergency like a personal injury lawsuit.  Victims may need cash to pay for repairs to their car from an accident, a new or rental car to get back to work, replace income lost from being out of work due to an accident, medical bills, surgery, children’s education and childcare. 
Lawsuit funding is less expensive than other alternative forms of borrowing like payday loans.  Lawsuit funding also doesn’t require monthly payments or credit checks, because it is based upon the value of the case not the credit worthiness of the borrower. 

How to Know If you have a Good Settlement Offer

Over 95% of cases settle out of court and don’t go to trial.  The reason most cases settle outside of court is that the cost of litigation becomes greater than the economic benefit of fighting the case.  Many cases settle for a different amount than they should.  Plaintiffs may settle a case for a lot less than it is worth, while defendants may end up settling a case for a lot more than it is worth.  As a plaintiff how do you know if you have a good settlement offer?
There is a cliché in law that says “a good settlement is where both sides walk away unhappy.”  This makes sense, but as a plaintiff you want to be as happy as possible and receive the best settlement offer you can get.  Many factors determine how much your case is worth and whether the defense is willing to offer you a just amount. 
A good way to get an idea if you have a good settlement offer is to ask your attorney what he or she thinks is fair.  Although each case is different, they deal with cases similar to yours on a daily basis and know what a normal settlement looks like.  If you want to do a back of the envelope calculation yourself, here are the factors to consider when valuing your case. 

Jobs with the Highest Number of Workers Comp Claims

Heavy & Tractor-Trailer Truck Drivers
Truck drivers have the highest incidence rate with over 55,000 workers injured in 2014.  Truck drivers spend a lot of time on the road, which makes them prone to motor vehicle accidents.  Truck drivers often help unload their deliveries, lifting heavy boxes, using forklifts, and bending over, which puts them at

What are the Most Dangerous Jobs?

Each year approximately 3 million workers are injured on the job.  Some jobs are more dangerous than others with the top 5 industries accounting for half of the workers’ compensation claims. 
If you’ve seen Deadliest Catch on the Discovery Channel, this profession lives up to the show’s name.  Fishing is at the top of the list for the most dangerous jobs.  Fishermen have to deal with harsh weather and salt water making the decks of their boats wet and slippery.  Waves cause heavy equipment to slide around on the deck and can toss workers overboard.  Not to mention fishermen can get themselves caught in fishing lines, nets and ropes. 
Dangerous jobs make for good TV again.  Swamp Loggers also airs on the Discovery Channel too and Ax Men airs on the History Channel.  Loggers work with heavy equipment and machinery in poor weather conditions, mud, on inclines and at high altitudes.  Logs are heavy and have to be transported by big rigs to a lumber mill, which are subject to accidents.  Loggers use sharp tools like axes and chainsaws that can cut them just as easy as they cut wood. 
Garbage Collection
Garbage men are often riding on the back of a truck, which they call fall off of.  They can also be struck by cars in a rush to get past them as the trucks move slowly to pick up trash.  Garbage men also have to lift heavy cans repeatedly. 

Most Common Injuries in Workers' Comp Claims

In 2014 close to 3 million nonfatal workplace injuries and illnesses were reported by private employers.  While each workplace accident is different, just a few injuries make up most of the workers’ comp claims.  In most states, employers are required to carry workers’ compensation insurance.  In the event of an accident the insurance can help cover medical expenses and wage losses. 
Overexertion is the most common workplace injury.  Overexertion is caused by pulling, lifting, pushing, holding, carrying, or throwing motions.  Overexertion injuries are common in jobs where manual labor is necessary like construction, landscaping, and factories. 
Slips, Trips and Falls
Slip and falls are usually caused by workers slipping on wet floors or walkways.  Wet surfaces are a common cause for injures to workers who walk around on tile floors and outdoors in poor weather.   
Fall to a Lower Level
Falling to a lower level includes falling off a roof, ladder, scaffolding, or down a flight of stairs.  These are common occurrences among coWorkers Comp Ladder.jpgnstruction workers, electricians, painters, and carpenters. 
Struck by an Object
Workers can be struck by an object from above whether it’s a piece of debris falling to a lower level on a construction site or a book falling of a shelf in a school. 

Most Common Types of Car Accidents

Most Common Types of Car Accidents
While car accidents occur every day, certain accidents happen more often than others and steps can be taken to prevent them.  On average, your chances of being in an accident in a given year are 1 in 9 or 11%.  Fortunately, many accidents are not serious, with only half of them resulting in injury.  However, you can reduce your risk of being in an accident by taking the right steps. 
Rear-End CollisionsRear End Car Accident.jpg
Rear-end accidents result when one car collides into the back of another.  Usually in a rear-end crash the driver who rear-ends the front car is at fault.  It is the responsibility of the trailing driver to keep a safe distance.   According to the National Highway Transportation Safety Administration, rear-end auto accidents account for 29% of all accidents. 
A major cause of rear-end auto accidents is driver distractions.  Common driver distractions are texting, eating, drinking and changing the radio station. 

Most Common Car Accident Injuries

Most Common Car Accident Injuries
Each year approximately 5 million car accidents occur resulting in over 2 million injuries to occupants and pedestrians.  While each car accident is different in nature, there are many common injuries among victims. 
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Head and Neck Injuries
When a vehicle comes to an abrupt stop the body is held in place by a seatbelt, but the head and neck are not secure.  The head can collide with the steering wheel, the dashboard, the windows and even other passengers.  Common head injuries include concussions, skull fractures and brain trauma. 
Neck injuries are caused by the head continuing to move forward as the car is stopping or from a car being rear ended.  Neck injuries are commonly referred to as whiplash.  Whiplash can cause neck muscles and ligaments to be strained or torn. 
Chest and Back Injuries
Chest and back injuries are associated with the force of the seatbelt or seats on the body during a crash.  Common chest injuries include broken ribs and punctured or collapsed lungs.  Injuries to the internal organs are serious and should be treated by a medical professional immediately.  Common back injuries include sprains, strains, herniated discs and fractured vertebrae. 

Liens Against a Lawsuit Settlement

You may be wondering how much you will receive from your lawsuit settlement.  It depends on what liens you have on your case. 
What is a LienLien.jpg?
Liens are claims against a personal injury settlement to pay a debt owed by the plaintiff.  In a personal injury lawsuit, the plaintiff doesn’t pay the costs of the case upfront, but rather if and when they receive a settlement. 
Attorney Lien
Personal injury attorneys work on a contingency basis.  Basically they work for free unless you win your case.  Typically attorneys collect 33% of the settlement, or 40% if the case goes to trial, which rarely happens.  In a workers’ compensation case the fees vary by state from 10-25% of the benefits. 
Medical Expense Liens
If you were involved in an accident chances are you were treated for your injuries.  In many instances the victim does not have health insurance or their insurance does not cover all of their expenses.  Medical providers will pursue payment of bills through a settlement lien. 

Injured in a Taxi, Limo, Uber or Lyft?

Injured in a Taxi, Limo, Uber or Lyft?

When we get into a taxi, limousine, or ride sharing services like Uber and Lyft it is often for a good reason.  Either we don’t own a car ourselves or we’re paying for a ride while intoxicated.  However, when we get into these vehicles we may be missing one key step; buckling our seatbelt. When we get inTaxis Serious Injury.png our cars we usually buckle up out of habit, but 57% of passengers using these services neglect to buckle their seatbelts.  In the event of an accident, injuries to unbuckled passengers become much more serious. 

Excuses passengers use for not wearing their seatbelts

  • Paying for the service, so they think the ride should be safer than normal
  • Short distance
  • Driving in a low speed limit area/driving in traffic
  • No one else is wearing one (group think)
  • Out of sight, out of mind (especially true at night)
  • Uncomfortable (everyone crammed in a cab)
  • Distracted
  • Intoxicated

Comparing Lawsuit Loans to Personal Loans and Credit Cards

Comparing Lawsuit Loans to Personal Loans and Credit Cards
Maybe a “lawsuit loan” is right for you.  If you have a pending lawsuit for a personal injury and an attorney fighting your case, you’re in luck.  Most people don’t know they can borrow against their lawsuit.  Borrowing against your case may be cheaper than or easier to obtain than a personal loan or a credit card cash advance. 
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Personal Loan Terms
Taking out personal loans can be a fast and easy process.  However, personal loans are not for everyone.  Personal loans are not the cheapest form of financing when compared to mortgages or a home equity line of credit (HELOC).  Applying for a personal loan can be tough if you don’t have good credit. 
Personal loans are meant to be used by people who need money fast because applying for a mortgage of HELOC takes a long time.  Personal loans can also benefit those without a home.  Just because you rent doesn’t mean you have a steady income and good credit. 
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