Lawsuit Loans, or much commonly called as Legal Financing, is a process in which plaintiffs and law firms seek financial assistance in filing their litigation or lawsuit complaint through third party funding companies. The funding companies provide financial aid on legal costs in exchange for a percentage or share of the settlement or judgement. The company usually lend money to those cases with high merits or have high chance of winning the case.
History and Benefits of Legal Financing
Legal Financing started to become common on 1997. During the past time, plaintiffs turned to credit cards and personal loans to pay for the legal costs of filing a lawsuit. Lawsuit loans were not popular in those days. Even if the plaintiff wins or loose the case, he still be required to pay for the debts and included interest when he applied for a personal loan .
And because lawsuits are expensive and time consuming, legal financing companies can be of great help. The funding can also be used to avoid foreclosure, bankruptcy, ruined credit track. A lawsuit loan can generally save you from the burden of filing a lawsuit.
Qualifications for Legal Financing
A plaintiff must consult his own attorney because legal funding companies does not provide legal advice. This means that the lawyer agrees to work for the plaintiff and is paid out on the proceeds and settlements of the case. Legal funding companies also require that the plaintiff must suffer injury or civil rights violation.
The case of the plaintiff must also be strong and the defendant or the person being sued must be able to pay for the settlement. Other requirements include amount of damage sought, margin of investment, defendant's liability, the state of residence, and track record of the plaintiff.
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