If you were injured in a car accident in New Jersey, you could be entitled to a cash settlement. However, you likely will not see the money for some time, which can be problematic if the accident causes you to have to miss work or endure medical bills in the meantime. In cases like this, you have options—one of them is a pre-settlement advance, also known as a “lawsuit loan” or “legal funding.” A pre-settlement advance can help you cover the expenses that can come with a car accident like vehicle repairs, hospital bills and lost wages from missing work. The pre-settlement advance can help keep you afloat financially until your lawsuit is settled or you’re able to go back to work.
What is pre-settlement funding?
Pre-settlement funding serves as a cash advance against your pending car accident claim or lawsuit. This type of funding is also referred to as a “lawsuit loan”, but it’s not actually a loan. Loans have to be paid back—pre-settlement funding is a non-resource advance, which means if you don’t win your case, you don’t have to pay back the money.
If you were in a car crash in New Jersey, but weren’t at fault, or you were a passenger, you could be legally entitled to compensation. That’s the good news—the bad news is you may have to wait up to three years before you see any money.
However, pre-settlement funding gives you peace of mind that you’re not taking an offer that’s below what your case is worth. Pre-settlement advances in New Jersey can help you level the playing field against large insurance companies that typically have a vast amount of resources and funds.
How do pre-settlement advances work?
Bridgeway Legal Funding use the same three-step process for all of our clients to help them obtain their pre-settlement advance:
- We’ll have a brief conversation with you. (The plaintiff)
- We’ll review your case to estimate its potential value
- If everything adds up, Bridgeway Legal Funding will offer you an advance for up to 10-20% of what we think your case could be worth.
Be sure to watch our “What is pre-settlement funding and how does it work?” video to get a better understanding of what pre-settlement funding is and how it works. You can also check out the “How pre-settlement funding works section” on the Bridgeway Legal Funding website to learn more about this process.
How long does the pre-settlement advance process take?
Bridgeway Legal Funding provides pre-settlement advances for our clients faster than our competition. If you’re in a car accident in New Jersey, we can accommodate you quickly. At Bridgeway, our clients usually get their cash within 24 to 48 hours, assuming their law office is cooperative.
Call Bridgeway Legal Funding at (800) 531-4066 or apply on-line to get your pre-settlement process started right away.
How much can I borrow?
This question comes our way often; Our clients are usually eligible to receive up to 10-20% of their case’s value. A better question might be: How does Bridgeway Legal Funding determine what a case is worth?
The answer is, when we review cases, we focus on three main factors:
- Liability—in other words, who was at fault? This is easier to determine in cases where a client’s vehicle was rear-ended. Instances like a sideswipe are not as clear and both drivers may share the fault.
- Damages—these are typically divided into two main parts. Injuries account for the first part of damages—medical treatment required, expenses, length of treatment and estimated future medical expenses. The second part is the lost wages claim. Bridgeway calculates this by multiplying how much work is missed by your normal wage/salary. Other lost wages factors include if you can perform your duties as you could before the car accident or if the accident forced you have to leave your position.
- Insurance—Usually, you can only sue for up to what insurance is available in the accident. In New Jersey, drivers must have liability, personal injury protection (PIP) and uninsured/under-insured motorist coverage and must carry at least the following required car insurance coverage and limits:
- Bodily Injury Liability Coverage: $15,000 per person and $30,000 per accident
- Property Damage Liability Coverage: $5,000 per accident
- Personal Injury Protection (PIP): $15,000
- Uninsured/Under-insured Motorist Bodily Injury Coverage: $15,000 per person and $30,000 per accident
- Uninsured/Under-insured Motorist Property Damage Coverage: $5,000 per accident with a $500 deductible
Remember this is the minimum coverage New Jersey requires you to have. However, if you feel the minimum isn’t enough coverage, you can buy more—the most you can purchase may vary by car insurance company. However, common maximum limits are:
• $250,000 for injuries per person
• $500,000 for injuries total, per accident
• $100,000 for property damage
To learn more about how much you can borrow for your New Jersey car accident cash advance, check out the “How much funding can I get against my car accident lawsuit?” section of the Bridgeway Legal Funding site.
What else can I do to obtain a pre-settlement advance?
There are few steps you can take to get pre-settlement funding when you’re in a car accident in New Jersey:
- Hire an attorney whose specialty is motor vehicle accidents
- Keep thorough records of the car accident and your injury
- Request a copy of the police report and collect names of any potential witnesses
- Make sure your law firm files a lawsuit within the legally allowed time. The statute of limitations in New Jersey is two years within the date of the accident.
Visit Bridgeway Legal Funding’s website for more information regarding pre-settlement funding for car accidents in New Jersey.