Injury Lawsuit Funding and Auto Accident Personal Injury Settlement

Overview on Personal Injury

To help you understand what Personal Injury Lawsuit Funding is all about, first you must familiarize yourself with personal injury. This is a legal term that refers to an injury that is brought about by another person’s negligence. Here are some situations that involve personal injury:

Workplace harassment
Vehicular accidents
Medical/legal malpractice
Harm triggered by defective products/drugs

Personal Injury Lawsuit Funding

If you have suffered from a personal injury, you have two choices to take to get justice for what happened to you. You can (1) file a lawsuit, or (2) choose an out-of-court settlement. Which one is a better choice? An out-of-court settlement is simpler but the problem with this is that you could end up with an amount that is a lot less than what you have bargained for. However, if you decide to fight it out in court, you may just be awarded fair compensation.

How it Works

Many lawsuit financing companies can offer this type of funding to you. How does it work?

They give you an advance loan so that you will have the needed finances to help you with your lawsuit.
If you win the case, they get a part of your settlement. If you do not win, they do not get anything.

If you may have noticed, this is a high-risk business due to it being a non-recourse loan so in order for such companies to profit, the fees they charge you are quite high. There are two types of fees: recurring fees and flat fees. Recurring fees mean letting you pay every month until the total loaned amount is paid off; flat fees mean paying only a percentage of the loaned amount the moment a settlement verdict is reached, and paying the rest at an agreed time.

Auto Accident Personal Injury Settlement- What’s In It for You?

Every year, countless auto accidents take place. In fact, the Bureau of Transportation reports that:

There are an estimated 5 million motor vehicle accidents annually. Of these accidents, 2 million people are injured, and about 20,000 are killed due to the severity of their injuries.

In another survey, it was reported that the number of deaths is actually doubled. The report says about 40,000 people die because of auto accidents which means that about 5 deaths occur every sixty seconds.

It is said that the leading cause of death for people who are under 30 is an auto accident.

This is quite alarming, isn’t it?

And if that is not enough, here are more numbers:

* 100,000 pedestrians are injured annually
* 6,000 of them die
* 1/3 of the US population get involved in traffic accidents that are alcohol-related
* 800 people riding bicycles die annually

What do these numbers tell you? The answer: everyone is at risk of getting into an auto accident. Everyone- including you!

Auto accident personal injury settlements are given in order to alleviate to some extent the damage and the pain that accident victims had to go through. With the number of accidents taking place every year in the US alone, such settlements are in demand, and insurance companies are often faced with settlement issues day in and day out.