Workers compensation claims can be a devastating financial blow that may take resolution time consisting of weeks, month or even years. Lawsuit loans (also known as lawsuit funding or legal funding) can assist in minimizing that burden for the victim, the victim’s family and often times the future of the victim in the work world. It is always best to understand first, what a workers compensation claim is, so that if and when it does occur, the victim is knowledgeable about his or her options with respects to lawsuit funding.
Workers compensation applies as a claim mandated by each state. Rules and regulations as to what is considered a workers compensation claim varies by area. Generally speaking, a workers compensation claim occurs when an injury or illness takes place at a claimant’s work site location, in the course of that claimant’s work duties. This injury or illness often times prevents a claimant from returning to work and may effect the future of his or her work in the same field. Again, dependent on the state and their regulations, what may be a work comp claim in Nebraska may not have the same claimant benefits as that of a work comp claim in Illinois.
Also, dependent on the state and/or claim, a lawsuit funding company may or may not approve the funding. This is because some states, such as: Hawaii, Kansas, North Carolina and/or Oregon give the winning settlement directly to the victim, as opposed to the attorney or trust. This does not secure the idea that a lawsuit funding company will immediately receive their payment back for the legal loan. Although, as workers compensation has regulations dependent on state, so do legal funding companies. It is always best to discuss with a pre-settlement cash advance team whether or not your claim may be approved (even if you are located within these states).
Also within the category of workers compensation claims, is a third party liability claim. This claim is somewhat like that of a workers compensation claim, as it occurs at or in the course of a an individual’s work. Although, in this case, the injury or illness was brought about by a third party. In this instance, lawsuit funding still may be required to get a just settlement due to the victim and/or the victim’s family. The injury or illness resulting from a third party liability claim may keep the individual from work, while also having the financial burden on top of the stresses of settling the case with an attorney.
Lawsuit funding is a no-risk way in which to secure a victim’s family and minimize the financial strain when a workers compensation or third party liability claim is in effect. The legal funding team only asks for their return funding (and a fee for the pre-settlement lending) if the settlement proceeds. This means, for the victim, legal cash advances are a win-win situation.
Along with finding an informative lawyer in which to assist in the filing of a workers compensation claim, one must also consider lawsuit funding. As a no-risk way in which to better the life for you and your family after an injury or illness occurs, it is no wonder lawsuit funding has become so helpful and popular over the recent years.
Steven Medvin is the Executive Director of SMP Advance Funding, LLC, which provides lawsuit funding to individuals who need a lawsuit loan for pending lawsuits. For more information please visit: http://www.smpadvance.com