Were you hurt in a car accident in Louisiana? If so, you could be entitled to a cash settlement. The downside is it could be some time before you see any money, which can be troubling if you need those funds right away to cover any car accident-related expenses such as vehicle repairs, medical bills or lost wages as a result of missing work.
Fortunately, there is a solution to help you offset those costs—a pre-settlement advance. Also known as a, “lawsuit loan,” pre-settlement advances can help keep you afloat financially until your lawsuit is settled or you can go back to work.
What is pre-settlement funding?
Pre-settlement funding is a cash advance against your pending car accident lawsuit. Although this funding is often called a “lawsuit loan”, the “loan” part is inaccurate. If you were loaned this money, you’d be expected to pay it back. However, pre-settlement funding in Louisiana is a non-resource advance—that means you only have to pay back the money if your car accident case is successful.
Almost three million people had a driver’s license in Louisiana in 2018. The more drivers there are on the road, the more likely there is to be an accident. That’s why it does not come as much of a surprise that there were more than 45,000 car accidents in Louisiana that resulted in an injury in 2018.
How do pre-settlement advances work?
At Bridgeway Legal Funding, we use a simple three-step approach to help our clients secure their pre-settlement advance.
- We talk with you, the plaintiff.
- We’ll go over your case to estimate its potential value.
- If the numbers work, Bridgeway Legal Funding will offer you an advance of up to 10% to 20% of what we think your case is worth.
Watch our “What is pre-settlement funding and how does it work?” video to learn more about what pre-settlement funding is and how it works.
You can also review 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?
One of the benefits of working with Bridgeway Legal Funding is we get pre-settlement advances faster than our competitors. If you were in a car accident in Louisiana, we can help you right away. Our business model is designed to get clients access to their pre-settlement funding within 24 to 48 hours.
Call Bridgeway Legal Funding at 800-531-4066 or apply to our website to start your pre-settlement cash advance process started right away.
How much can I borrow?
This might be the question about legal funding in Louisiana that we get most often. Our clients are usually eligible to receive up to 10 to 20% of their case’s value.
You might be also interested in seeing how Bridgeway Legal Funding determines what a particular case is worth. Here are the three main factors we take into consideration:
- Liability—we look at who was at fault in the car accident. Sometimes, the answer’s obvious, like when a client’s car was rear-ended. Other cases take a little more time to determine liability, in instances like when a vehicle is sideswiped and either driver could be at fault.
- Damages—which could account for medical treatment needed, expenses, how long the treatment need to go on for or future medical expenses. The second part of the damages factor is lost wages. We use a simple equation to determine this figure—multiply how much work you missed by your salary. Bridgeway Legal Funding also will look at if you can perform your duties as you could before the car accident or if the collision forced you to leave your current position.
- Insurance—in most cases, you can only use for up to what insurance is available after an accident. Louisiana car insurance laws require drivers to have the following coverage to operate a vehicle:
- Bodily Injury Liability Coverage: $15,000 per person and $30,000 per accident
- Property Damage Liability Coverage: $25,000 per accident
- Medical payments: Minimal legal requirement is $1,000
- Uninsured/Underinsured Motorist Bodily Injury Coverage: $15,000 per person and $30,000 per accident
Please note that these are the minimum required insurance coverage limits in Louisiana. However, if you feel the minimum isn’t enough coverage for you, you can buy more. 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 car accident legal funding in Louisiana, 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 Louisiana:
- 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 Louisiana is one year within the date of the accident.
Visit Bridgeway Legal Funding’s website for more information regarding Louisiana car accident cash advances.