If you were injured in a car accident in Mississippi, you may be eligible for a cash settlement. That’s great news until you realize you might not get the money right away. That can be troublesome if you were counting on the settlement to pay for car repairs, medical bills or your everyday expenses if you had to miss work for a period of time. If any of those scenarios apply to you, waiting for your settlement is not an option.
How can I get my car accident settlement sooner?
If you need you settlement right away, consider getting a pre-settlement advance. These advances, also known as “lawsuit loans”, can help you stay afloat financially until your lawsuit is settled and you can start to work and earn an income again.
Bridgeway Legal Funding can help you secure a pre-settlement advance so you have cash on hand sooner—typically within 48 hours of you contacting us.
Pre-settlement funding explained
Pre-settlement funding is a cash advance against your car accident lawsuit. Although the advance is sometimes called a “lawsuit loan”, that term is not accurate. You have to pay back a loan; Pre-settlement funding in Mississippi is a non-resource advance—that means if you lose your case, you do not have to pay back the advance.
How the pre-settlement advance process works
Bridgeway Legal Funding uses the same three-step process to help our clients secure their pre-settlement advance:
- We review your case with you, the plaintiff.
- We calculate your case’s potential value.
- If the numbers are a good fit, Bridgeway Legal Funding will offer you a pre-settlement advance for 10 to 20 percent of what we believe your case is worth.
Be sure to check out our video on pre-settlement funding and how it works to get a better understanding of the process.
You can also review the “How pre-settlement funding works section” on our website to learn more about the pre-settlement funding process.
How does Bridgeway Legal Funding determine my case’s worth?
Although Bridgeway Legal Funding generally lets clients borrow up to 10 to 20 percent of their case’s value, we determine the exact value on a case-by-case basis.
Here are the factors we consider when we figure out how much your case is worth:
- Liability—who was at fault in the accident? Liability is easy to determine when one vehicle rear-ends the other. Assigning liability is more difficult other times, like when a car is sideswiped. Regardless of how easy, or difficult, it is to determine fault, Bridgeway Legal Funding will do so and help ensure you get a fair pre-settlement advance.
- Damages—medical treatments, potential medical expenses and lost wages from missing work fall into this category. Bridgeway Legal Funding calculates damages by taking how much work you missed and multiply it by your current salary. We will also determine if you can still perform your current work duties going forward or if you have to change jobs.
- Insurance—in many cases you can only use what insurance is available to you after an accident. Mississippi insurance laws require drivers to have the following coverage to operate a vehicle:
• $25,000 per person (limited to a single accident)
• $50,000 per accident for bodily injury
• $25,000 per accident for property damage
You can also purchase additional car insurance if you feel that is necessary. The maximum amount of coverage varies by car insurance company. Common maximum limits are:
• $250,000 for injuries per person
• $500,000 for injuries total, per accident
• $100,000 for property damage
Visit the “How much funding can I get against my car accident lawsuit?” section of our site to learn more about how much you can borrow for your car accident legal funding in Mississippi.
What else do I need to know about pre-settlement advances in Mississippi?
If your insured in a car accident in Mississippi, make sure you do the following to help you secure a pre-settlement advance:
- Hire a lawyer who specializes in motor vehicle accidents
- Keep detailed records of the car accident and your injuries
- Ask for a copy of the police report and take down any potential witnesses’ names.
The statute of limitations in Mississippi is three years from the day of your accident. Make sure your law firm files your suit within that legally allowed time frame.
Mississippi led the U.S. in traffic accident fatalities in 2018
Mississippi is predominately made up of rural roads, which are four times as likely to cause a fatal car crash as city streets are. The state also led the U.S. in fatal car accidents the year before with a fatality rate of 22.9 deaths for every 100,000 residents, according to the National Safety Council. Mississippi has also led the U.S. in traffic-related fatalities every year except for three since 1999, according to the U.S. Centers for Disease Control and Prevention.
The combination of a lot of rural roads and a shortage of police personnel to enforce traffic laws had made Mississippi a likely place to get in a car accident. If you find yourself injured in a car accident in Mississippi, and need your settlement sooner rather than later, contact Bridgeway Legal Funding. We will get started right away to help you secure your pre-settlement advance.