QUALIFICATIONS
TO QUALIFY FOR LEGAL FUNDING, MEET 3 BASIC CRITERIA
When people first ask us about financial help for their personal injury lawsuit, they often wonder how they can qualify for legal funding. At Advanced Legal Funding, we work hard to help you qualify and get the cash you need, but not everyone does.
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Qualifying for legal funding is fairly simple but depends on the details of your case. Here’s what we look at to see if your lawsuit qualifies:
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QUALIFY FOR LEGAL FUNDING CRITERIA #1: ACTUAL DAMAGES
This means your injuries need to be serious enough to support your lawsuit. For example, if you were in a minor car accident and are suing for $12,000 because of neck or back injuries, but your doctor says your treatment will only cost $2,000, your damages might not be enough to support your $12,000 claim. To qualify for legal funding, your injuries must be serious enough to justify the claim amount, ensuring there is enough to repay the funding you receive.
We also consider any lost work time and pain and suffering, which your attorney will document. That’s why we ask for those extra documents from your attorney.
QUALIFY FOR LEGAL FUNDING CRITERIA #2: DEFENDANT’S ACTUAL LIABILITY
This means the person or business you’re suing must be truly responsible for the accident. It might seem obvious, but sometimes it’s not clear, especially with insurance companies and shifting blame. For instance, if someone else caused the accident that led to your injuries, the responsible party must be identified for your lawsuit to qualify for funding.
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For example, if you’re stopped at a red light and a car behind you is hit by a third car, causing that car to crash into you, the third car is actually responsible for the accident. Even if the car behind you was not at fault, they are not liable for the crash. To qualify for legal funding, the person or business you’re suing must be directly responsible for the accident. Your attorney will help determine who to sue based on actual liability.
QUALIFY FOR LEGAL FUNDING CRITERIA #3: DEFENDANT’S ABILITY TO PAY
This means the person or business responsible for the accident must have the resources to pay any money you win from the lawsuit. Usually, their insurance company pays the claim. But if they don’t have insurance or enough money themselves, you might not get any payment from the lawsuit, making it impossible to repay the legal funding you received.
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While there may be other factors in your case, these three criteria are the main ones we use to decide if we can approve your legal funding.