Personal Injury Lawsuit Funding
Still Waiting on Your Personal Injury Settlement? TriMark Can Help.
Personal Injury Lawsuit Funding
If you’ve been seriously injured, are currently involved in a drawn-out legal fight, have retained a contingent-fee attorney, have strong liability against a sufficiently insured defendant and you’re in a financial bind because it’s taking forever to settle your case but you could really use some of your future settlement money now, we can help you.
Give us a call at 1-877-932-2628 or simply complete an online application to get the ball rolling now.
Personal injury is a general type of claim or lawsuit which encompasses several other more specific lawsuits like malpractice cases, motor vehicle accidents, negligence cases, premises liability, product liability, and even wrongful death. Even under these umbrellas of examples are more specific cases under the father doctrine of personal injury. This only goes to show how complicated personal injury lawsuits can be.
Cases vary from simple and straightforward to very complex. Most PI lawsuits are settled before being scheduled for trial. Usually, parties opt to settle because of the time and money involved, because it is easier and less of a hassle to negotiate and settle on an agreed upon amount for compensation, and because of the unpredictable risks and outcomes associated with a jury trial.
Certain elements are required to prove fault on the part of the defendant; state laws that govern limitations and regulations like strict liability, intentional wrongs, statutes of limitation and other forms of liability besides negligence can make winning a PI case even more difficult.
Plaintiffs often seek compensation for damages, past and future medical expenses, lost past and future wages, property loss, pain and suffering, emotional distress, loss of enjoyment, loss of consortium and punitive damages in certain, more severe cases of injury and recklessness on the part of the defendant.
Depending on the state, fault or no-fault state laws can determine the damages awarded to the plaintiff, as well as comparative negligence, contributory negligence, and a plaintiff’s failure to mitigate or pursue actions during the aftermath of the incident. While the failure to mitigate and comparative negligence can significantly reduce the damages award, if plaintiffs are found to have partial fault in causing the injury in states that apply contributory negligence, then the plaintiffs may not receive damages at all.
Personal Injury Lawsuits
Personal injury lawsuits are intended to provide compensation for the victim’s losses due to the injury. Basically, this compensation is given to “make a person whole again” after suffering from the aftermath of the incident and the injury.
Monetary damages are paid to the plaintiff or injured person by the person or entity that is legally responsible for the accident, which is the defendant. Compensation or damage awards can be given through a negotiated settlement among the parties or through a verdict from a judge or jury after a court trial.
Damages that can be compensated for by the defendant may include medical expenses, lost past and future wages, property loss, pain and suffering, emotional distress, loss of enjoyment, loss of consortium, or even punitive damages. Punitive damages may be awarded if the defendant’s conduct was outrageously careless. Punitive damages are simply to punish the defendant’s conduct. However, most states have set a cap or limit to punitive damage awards in personal injury cases.
A plaintiff’s actions can also affect the amount of compensation one can seek for damages. Comparative negligence reduces the award amount on the plaintiff that is equivalent to the percentage of the injured person’s contributory fault to the incident. On the other hand, contributory negligence does not give any award at all to the plaintiff if and when the plaintiff is even slightly at fault for the cause of the incident. Lastly, if a plaintiff fails to mitigate or take steps to minimize the financial impact of the harm caused by the accident, damages may be reduced significantly. A good example of this last action is when the injured person does not seek or get medical treatment after the accident and makes their injury much worse than it was initially.
We also offer legal funding advances on work injury and workers comp accidents and a wide variety of employment and civil rights litigation and we offer structured settlement buyouts for people who have settled their personal injury and wrongful death cases and are receiving periodic payments via a structured settlement annuity.
What Is Personal Injury?
Here’s a great definition from Wikipedia:
“The most common types of personal injury claims are road traffic accidents, accidents at work, tripping accidents, assault claims, accidents in the home, on a cruise ship, product defect accidents (product liability) and holiday accidents. The term personal injury also incorporates medical and dental accidents (which lead to numerous medical negligence claims every year) and conditions that are often classified as industrial disease cases, including asbestosis and peritoneal mesothelioma, chest diseases (e.g., emphysema, pneumoconiosis, silicosis, chronic bronchitis, asthma, chronic obstructive pulmonary disease, and chronic obstructive airways disease), vibration white finger, occupational deafness, occupational stress, contact dermatitis, and repetitive strain injury cases.
Depending upon the intent or negligence of a responsible party, the injured party may be entitled to monetary compensation from that party through a settlement or a judgment. In the United States, this system is complex and controversial, with critics calling for various forms of tort reform. Attorneys often represent clients on a “contingent fee basis” in which the attorney’s fee is a percentage of the plaintiff’s eventual compensation, payable when the case is resolved, with no payment necessary if the case is unsuccessful. Typically, a Plaintiff attorney charges 1/3 of the proceeds recovered if a case is settled out of court or 40 percent if the matter proceeds to trial. These sums are negotiable before hiring an attorney. Legal aid from the government may not be available; for example it was largely abolished in England in the late 1990s and replaced with arrangements whereby the client would be charged no fee if her or his case was unsuccessful.
DamagesDamages are categorized as either special or general. In torts, special damages are measurable costs which can be itemized such as medical expenses, lost earnings, and property damages whereas general damages include less measurable costs such as pain and suffering, loss of consortium, the effects of defamation, and emotional distress. Personal injury torts result in both special and general damages.
Four things must be proven in order to hold a party or parties legally liable for injuries so damages can be awarded:
- The party had a duty to act reasonably according to the circumstances.
- The party breached the duty.
- The party’s breach of the duty caused you to be harmed.
- You suffered monetary damages due to the harm you suffered when the party breached its duty of care.
The amount of compensation for a personal injury will primarily depend on the severity of the injury. Serious injuries (such as broken bones, severed limbs, brain damage) that cause intense physical pain and suffering receive the highest injury settlements.
Aside from compensation for injuries, the injured person may get compensated for the lifetime effect of the injuries. An example, a keen cricketer suffers a wrist injury which prevents him from playing cricket during the cricket season. This is called loss of enjoyment of life and is compensable. Additionally, lost earning capacity (Future ability to learn) and future reasonably necessary medical expenses are recoverable.
In some cases, the injured might run his or her own businesses. The quantum assessment of the loss of profits (dividing into pre-trial and post-trial) requires forensic accounting expertise because the forensic accountant would consider various scenarios and adopt the best estimate based on the available objective data.
In England and Wales, under the limitation rules, where an individual is bringing a claim for compensation, court proceedings must be commenced within 3 years of the date of the accident, failing which the claimant will lose the right to bring his or her claim. However, injured parties who were under the age of 18 at the time of their accidents have until the day prior to their 21st birthdays to commence proceedings. A court has the discretion to extend or waive the limitation period if it is considered equitable to do so. Another exception is if the accident caused an injury, as an example industrial deafness, then the three-year period will start from when injured party knew or ought to have known that he or she had a claim.
In the United States, each state has different statutes of limitations – laws that determine how much time you have to file a claim. Different types of injuries may have different statutes of limitations as well. Rape claims, for example, often have a much longer statute of limitation than other injuries. In some states such as Colorado, the statute of limitations starts to run once the injury is discovered. For example, if you were in a car accident and then 6 months later started having severe back problems, the statute would start when you noticed the injury.
In India, in case of motor vehicle accidents there is no time limitation for bringing a claim for compensation.
Lawsuit and payment
Payments will be through a settlement agreement or a judgment as a result of a trial. Settlements can be either lump-sum or as a structured settlement in which the payments are made over a period of time.
InsuranceIn insurance in the United States, personal injury in the sense of “bodily injury” to others is often covered by liability insurance such as auto insurance. Therefore, an insurance company will provide a legal defense to the defendant and may settle with the plaintiff (victim).
Additional damages for mental injury without a physical injury are less clearly covered, as the insurance policy typically states that it covers only bodily injury. For example, in general liability as of 2001 a minority of courts included emotional distress within the definition bodily injury.
In insurance “personal injury” as typically defined does not include bodily injury damages and instead refers to mental injury damages, particularly as a result of defamation, false arrest or imprisonment, or malicious prosecution; for example, the Insurance Services Office standard general liability form has a section providing this coverage. Similarly, some home insurance policies include personal injury coverage.
Despite the general distinction between bodily injury and personal injury in insurance contracts, auto insurance known as personal injury protection(PIP) does cover medical expenses from bodily injury.
Taxation of personal injury settlements
In the United States, typically, the money awarded in a personal injury settlement is not taxable. The official statement from the IRS regarding the tax-ability of personal injury settlements is as follows: “If you receive a settlement for personal physical injuries or physical sickness and did not take an itemized deduction for medical expenses related to the injury or sickness in prior years, the full amount is non-taxable. Do not include the settlement proceeds in your income.” However, there are exceptions. If a portion of the settlement draft is specifically allocated to wage loss, the settlement then becomes taxable. Similarly, if you itemize deductions, and you claimed medical expenses in previous years as an itemized deduction that were later reimbursed by the settlement, then that amount would be taxable.”
Personal injury lawsuit funding is an excellent option for people who have exhausted all other options and should be thought of as “financing of last resort”. We maintain relationships with a wide variety of private and institutional investors across the country. Each one has their own specific preferences with regard to the types of tort cases that they like to invest in. Intimate knowledge of those preferences, combined with our high volume, is why TriMark Legal Funding LLC can offer guidance and the most competitive plaintiff funding rates in the industry.
Apply For Pre Settlement Funding Now
TriMark Legal Funding LLC has streamlined the pre settlement funding process so that it is quick, easy and hassle-free. That means we can put the money you need into your hands faster and cheaper than the other guys.
It will only take about a minute or two to submit an application and get the ball rolling. It’s fast, easy, free to apply, there is no obligation and pre settlement loans are always 100% risk-free for plaintiffs.
You can complete an application online or just call us toll-free at 1-877-932-2628 and one of our litigation funding specialists will take your information right over the phone.
Either way, lawsuit loans just doesn’t get any faster, easier or more convenient than they are with TriMark Legal Funding LLC.
So why wait?