You Have Questions About Sexual Abuse Lawsuit Loans.
Legal-Bay has the answers.
Tragically, sexual abuse lawsuits are being filed at a rate previously never seen before. For victims of sexual abuse, assault, or harassment, the lingering trauma can be debilitating. Some people decide to file lawsuits against their abusers, giving them a way to seek legal justice in the hopes it will aid their emotional healing. But with the staggering amount of cases being filed—coupled with increasing lag times in the courts—many plaintiffs have recently found themselves waiting indefinitely for resolution, whether mentally, financially… or both.
Additionally, defendants with multiple suits filed against them such as the Boy Scouts of America and multiple Catholic Archdioceses across the country are filing for bankruptcy or fighting statute-of-limitation laws in order to avoid paying damages to the many plaintiffs with valid sexual abuse claims.
For those that have existing sexual abuse lawsuits or sexual harassment cases languishing in the courts, waiting indefinitely for justice hardly seems a fair request. After already suffering such atrocious physical and psychological abuse, it seems extraordinarily cruel to then withhold any monetary payouts plaintiffs were hoping to have received by now.
For plaintiffs that have sexual abuse lawsuits currently sitting in limbo and are tired of waiting for their expected monetary compensation, a lawsuit loan might be a viable option.
What are sexual abuse lawsuit loans?
Lawsuit loans are a way to receive money prior to the resolution of a court case, basically, a cash advance against the damages a plaintiff expects to receive at the end of trial. Loans for a lawsuit can be a helpful option for any plaintiffs dealing with financial strain, and a great source of income over the many months it takes for a case to make it to the inside of a courtroom.
Not only will sexual abuse lawsuit loans ease any financial anxieties, but they can essentially pay for themselves: Borrowing against your anticipated settlement can help you stay afloat financially, empowering you to hold out for the best possible settlement offer during negotiations.
A good funding company can get you the money you have coming to you without having to wait so that you don’t have to stress about how long it’s taking for your case to make it to trial.
A lawsuit funding company acts as your liaison between you and your early cash settlement. They will be able to look into your case and tell you how much of a settlement loan you can take on your lawsuit. Filling out an application with a good funding company will be the first step toward receiving cash now, as opposed to waiting until the trial has concluded and a ruling has been passed down.
While pre-settlement funding companies offer sexual abuse lawsuit loans based on a plaintiff’s anticipated settlement at end of trial, the amount of financial compensation awarded by the courts will depend on the kind of claim made: The extent of the abuse, what kind of abuse was allegedly suffered, and the length of time for which the abuse went on. The age of the victim will also be a factor, as well as the physical or psychological injury that a victim suffered.
What about the statute of limitation laws?
Victims who come forward are brave. To muster up the courage to file suit against their abusers only to be told “Sorry, you didn’t make your accusation in time,” must be a devastating blow. Thankfully, some states have modified their statute of limitation laws so that victims can move forward with their claims.
For example, Governor Cuomo assisted in passing legislation to extend filing deadlines for sexual abuse survivors in the state of New York (A.8401-C/S.8977). The new legislation, also known as The Sexual Assault Victim Bill of Rights, provides survivors with information regarding their care and treatment, affords them health care services at no cost, and allows them to receive updates regarding any DNA test results, evidence kits, and status of their case. The law took effect last summer and enables sexual abuse victims to file criminal charges until they reach age 28 and civil cases until age 55.
Legal-Bay has been a leader in providing pre-settlement money for many of these cases even while most companies have stopped funding sexual abuse lawsuit loans due to defendants claiming bankruptcy. Recently, statute-of-limitation issues in places like California, New Jersey, New York, and Pennsylvania have been extended.
What kind of fees are paid on sexual abuse lawsuit loans?
Out of pocket? Nothing. Some shady presettlement funding companies charge an upfront fee just to apply, or any number of other bogus processing fees which can cost hundreds of dollars, but a reputable funding firm won’t have any preliminary out of pocket costs. Your sexual abuse lawsuit loan application should be reviewed for free, and if approved, any processing fees and payback amounts will be lain out clearly in your contract at that time. If you don’t like the terms of the contract, you can simply deny the funding and move on. No cost to the plaintiff whatsoever.
Additionally, lawsuit loans are non-recourse. Non-recourse means you don’t have to pay back the lawsuit money even if you lose your case. No monthly payments; no interest fees. No credit checks; no collateral.
What do you think my lawyer would say to all of this?
It’s always a good idea to consult with your legal counsel before proceeding with anything regarding your case. They will be able to help you with the decision to take advantage of a lawsuit loan if you ask their advice, but they may also discourage you from taking presettlement funding on your case. Consider, however, that most lawyers can’t appreciate the dire situation you may be in, and how taking even a small lawsuit cash advance loan to pay bills may be a huge relief.
Can I still seek out lawsuit loans without attorney approval?
Yes and no.
Once you fill out a preliminary application with the presettlement funding company, they will immediately contact your attorney to request any legal documents that can assist them in evaluating your case. Most funding companies won’t ask your lawyer to fill out a lengthy application on your behalf; they simply need to request a few key documents to help assess the merits of your claim.
So, your attorney’s assistance will be needed, but not necessarily their approval. Since lawsuit loans don’t affect the lawyer’s pay, he or she should be on board to help you anyway. If not, the plaintiff can always find another lawyer that will be more receptive to helping you obtain a pre settlement loan. Ultimately, the choice is yours.
Legal-Bay settlement funding is an advocate for victims involved in sexual abuse cases and is committed to helping victims acquire sexual abuse lawsuit loans. Any pre settlement loan received is risk-free since the lawsuit loans only need to be repaid if the plaintiff wins their case.