Boat Accident

Litigation Funding for Boat Accident Lawsuits in Michigan: What You Need to Know

Posted on by Fast Funds
Litigation Funding for Boat Accident Lawsuits in Michigan What You Need to Know
23
Sep

Boat accidents can lead to devastating injuries, loss of life, and significant financial burdens for those involved. Whether it’s a collision on the Great Lakes or a mishap on one of Michigan’s many inland lakes and rivers, the aftermath of a boating accident can be overwhelming for victims and their families. Litigation is often a necessary step to pursue compensation for medical expenses, lost wages, and other damages. However, legal battles can take time, and many victims find themselves struggling to manage the financial strain while waiting for a settlement or verdict. This is where litigation funding comes into play. Litigation funding for boat accident lawsuits in Michigan offers victims a lifeline by providing financial support during the legal process. Understanding how litigation funding works, its benefits, and what to consider can help those involved in boat accident lawsuits make informed decisions about their financial options. Fast Funds assists with litigation funding for boat accident lawsuits in Michigan by providing plaintiffs with immediate financial support, helping them cover expenses while their case progresses.

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The Impact of Boat Accidents in Michigan

Michigan’s vast waterways and lakes make boating a popular pastime for residents and tourists alike. However, with the increased number of boats on the water, accidents are a common occurrence. Boat accidents can result from various factors, including operator negligence, alcohol consumption, mechanical failure, and adverse weather conditions. Regardless of the cause, these accidents often lead to severe injuries such as traumatic brain injuries, spinal cord injuries, broken bones, and even fatalities.

Victims of boat accidents often face extensive medical treatments, rehabilitation, and time away from work. While pursuing a lawsuit may be necessary to recover compensation, the legal process can be lengthy. Many boat accident victims are left in financial distress while waiting for a resolution to their case. This financial burden can make it difficult for victims to focus on their recovery, as they are often left worrying about mounting bills and living expenses. Litigation funding offers a solution by providing financial assistance to plaintiffs involved in lawsuits, allowing them to maintain financial stability throughout the legal process.

What is Litigation Funding?

Litigation funding, also known as legal financing or lawsuit funding, is a financial service that provides cash advances to plaintiffs involved in personal injury lawsuits, including boat accident cases. Unlike traditional loans, litigation funding is non-recourse, meaning the plaintiff is not required to repay the funds if they do not win their case. This type of funding is specifically designed to help plaintiffs cover their living expenses, medical bills, and other financial obligations while their lawsuit is pending.

In boat accident cases, litigation funding can be particularly beneficial because of the complexity and duration of these lawsuits. Boat accident claims often involve extensive investigations, testimony, and negotiations with insurance companies, all of which can extend the timeline of the case. Litigation funding provides plaintiffs with the financial support they need to sustain themselves and continue pursuing their legal claim without feeling pressured to settle for less than they deserve due to financial hardship.

- WHAT CLIENTS ARE SAYING -

In June, my wife and I asked our attorney about giving us a loan against any settlement proceeds from our case. He told us that the state bar does not
permit lawyers to participate in the financing of clients. The offer of settlement was very low so the case needed to be filed in court. I called Fast Funds. Within 24 hours, I had entered into an agreement with them, selling a very small portion of the anticipated proceeds to them in exchange for immediate financing. Now my suit is in court and I don't have to worry about money until it's outcome. Thank god for Fast Funds
B.G.
As a result of the advances you have made to our client, we were able to refuse an extremely low settlement offer and take the case to court. We settled the day of the trial for a very generous sum. Had there been no advances by Fast Funds, our client would have had no choice but to accept the inadequate offer since he was in severe debt due to his inability to work. Thank you for your helpful assistance in providing our client with the ability to persevere.
C.F.
I was involved in an accident which took my left leg. I was forced to live homeless for eleven months. Thanks to the Fast Funds people advancing money. I now live in an apartment,I am walking on a prosthetic and otherwise getting my life back together, even though my attorney has not yet settled my lawsuit. I don't know what I would have done for money because the insurance company has offered nothing so far.
A.R.S.
I was involved in an auto accident which caused me to suffer a herniated disc. Because of this injury, I was forced to miss many months of work. I had no income and no place or person to turn to for money. My attorney told me he was unable to help with any financing and the insurance company was refusing to settle the case. I turned to a company called Fast funds. They immediately reviewed my file and took the financial pressure off by providing me with interim financing. I am now able to wait for as long as it takes for my lawyer to achieve a successful result in my case. Without the financial involvement of Fast Funds, I don't know what I would have done.
K.P.
I wanted to thank you for your sensitivity in helping me cope through a very difficult time in my life. Without your help, I would have been unable to pay my rent , forcing my wife and children to be put on the street. I have not been able to return to work and I was tempted to accept the insurance company's very low offer to settle, even though I knew it was not fair or reasonable. You have given me the ability to withstand the financial pressures. Thanks for your help. I will never forget it
C.S.
I have in the past referred clients to Fast Funds Inc., a non-recourse company. The experience of my clients
and my firm were totally positive. Fast Funds was responsive to the clients financial and emotional needs, provided the necessary emergency money and did not interfere in any manner with my handling of the cases. The clients, without my input, negotiated the advance directly with the company. In each case, they were completely satisfied with the final result of the case, including the amount of profit earned by Fast Funds. Non-recourse funding is clearly a valuable tool to the plaintiff's attorney.
M.J.L.
"I am writing to recommend the valuable assistance of the Fast Funds Inc., a company that provided interim funding to financially needy clients. They help to insure that a case will be brought to a successful resolution. A good case in point is when I was offered $75,000.00 for a seriously injured client. Had she not been able to take advantage of the advance financing offered by Fast Funds, I would have been forced to take the money. As it turned out, because my client now had the financial ability to withstand the pressures of time, I tried the case to a jury and received a verdict of $315,000.00.
M.S.D.
It is my belief that non-recourse companies, such as Fast Funds, the company to whom I refer my needy clients, perform an invaluable service to both the client and the attorney. Simply put, it is common knowledge that one of the tools negotiation utilized by insurance companies is time. Offering
considerably less money than the actual case value to a client in desperate need of funds while the case is pending, gives the insurance companies a tremendous advantage. This advantage is minimized and the playing field is leveled when the client has the ability to obtain funds for a minimal portion of the anticipated proceeds. Many times, with no prospects of income, an injured party will settle the case for whatever offer is made.
R.J.F.

How Litigation Funding Works in Michigan

The process of obtaining litigation funding for a boat accident lawsuit in Michigan is relatively straightforward. Once a plaintiff has filed a lawsuit, they can apply for litigation funding with a legal financing company. The application process typically involves providing the company with details about the case, including the nature of the accident, the injuries sustained, and the expected compensation. The litigation funding company will then evaluate the case to determine its potential for success.

If the company determines that the plaintiff’s case has merit and is likely to result in a favorable outcome, they will offer a cash advance to the plaintiff. The amount of funding provided is usually based on the expected value of the lawsuit. Plaintiffs can use the funds to cover any expenses they choose, such as medical bills, rent, mortgage payments, or day-to-day living costs. The advance is repaid only if the plaintiff wins the case, either through a settlement or a court verdict. If the plaintiff does not win, they are not required to repay the advance.

In Michigan, litigation funding is subject to certain regulations that are designed to protect plaintiffs. For example, litigation funding companies are prohibited from charging excessive fees or interest rates, and they must fully disclose all terms and conditions of the funding agreement. Plaintiffs should carefully review these agreements before accepting any funding to ensure they understand the terms and obligations.

Advantages of Litigation Funding for Boat Accident Lawsuits

Litigation funding offers several key advantages for plaintiffs involved in boat accident lawsuits in Michigan. One of the most significant benefits is that it allows plaintiffs to avoid financial hardship while their lawsuit is pending. Many boat accident victims are unable to work due to their injuries, which can lead to a loss of income. Litigation funding provides them with the financial resources they need to pay their bills and maintain their standard of living while they wait for their case to resolve.

Another advantage of litigation funding is that it gives plaintiffs the financial flexibility to pursue their case without feeling pressured to settle prematurely. Insurance companies often offer low settlement amounts early in the legal process in an attempt to resolve the case quickly and for as little money as possible. Plaintiffs who are struggling financially may be tempted to accept these offers, even if they do not fully compensate them for their injuries. Litigation funding allows plaintiffs to continue fighting for a fair settlement without worrying about their immediate financial needs.

Additionally, litigation funding is a non-recourse financial product, meaning plaintiffs are not required to repay the advance if they lose their case. This can provide plaintiffs with peace of mind, knowing that they will not be left with additional debt if their lawsuit is unsuccessful. It also means that litigation funding companies carefully evaluate cases before offering funding, which can be a sign that the plaintiff’s case has a strong chance of success.

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Applying For Lawsuit Funding

Types of Cases We Fund

Considerations Before Pursuing Litigation Funding

While litigation funding can provide significant benefits to boat accident plaintiffs, it is important for individuals to carefully consider their options before pursuing this type of financing. One consideration is the cost of litigation funding. Although plaintiffs are not required to repay the advance if they lose their case, those who win must repay the advance along with any fees and interest charged by the funding company. These fees can be substantial, so it is essential for plaintiffs to fully understand the terms of the funding agreement before accepting an offer.

Another consideration is the impact of litigation funding on the overall value of the settlement or verdict. Because litigation funding must be repaid from the proceeds of the lawsuit, plaintiffs should ensure that they are still receiving adequate compensation for their injuries and damages after repaying the advance. Consulting with their attorney can help plaintiffs make informed decisions about whether litigation funding is the right option for their case.

Finally, plaintiffs should choose a reputable litigation funding company that is transparent about its fees and terms. In Michigan, there are regulations in place to protect plaintiffs from predatory lending practices, but it is still important to do thorough research and select a company that has a track record of fair and ethical practices.

Litigation Funding and Its Role in the Legal Process

Litigation funding plays a crucial role in leveling the playing field for plaintiffs involved in boat accident lawsuits in Michigan. By providing financial support during the legal process, litigation funding allows plaintiffs to focus on their recovery and their case, rather than worrying about how they will pay their bills. This financial assistance can be the difference between a plaintiff accepting an unfair settlement and continuing to fight for the compensation they deserve.

Moreover, litigation funding helps plaintiffs maintain their quality of life while their case is pending. Boat accident injuries can be life-changing, and many victims face long-term physical and emotional challenges. The financial stress that often accompanies a personal injury lawsuit can exacerbate these challenges. Litigation funding gives plaintiffs the peace of mind they need to focus on their health and well-being while their case works its way through the legal system.

By reducing the financial pressure on plaintiffs, litigation funding also empowers them to make better decisions about their case. Plaintiffs who are not in financial distress are more likely to reject low settlement offers and pursue a more favorable outcome. This, in turn, can lead to better financial outcomes for plaintiffs, as they are able to secure compensation that truly reflects the extent of their injuries and damages.

For victims of boat accidents in Michigan, litigation funding can provide a much-needed lifeline during the legal process. It offers financial relief and allows plaintiffs to pursue justice without the added pressure of immediate financial concerns. However, it is crucial for plaintiffs to carefully consider the terms and costs associated with litigation funding before making a decision. Working closely with a legal team and selecting a reputable funding company can help ensure that plaintiffs make the best choice for their situation.

If you or a loved one has been involved in a boat accident in Michigan and are pursuing a lawsuit, Fast Funds can assist you in navigating the complexities of litigation funding. Our team is committed to helping you understand your options and securing the financial support you need while you focus on your recovery and legal case. Reach out to Fast Funds today to learn how we can help you through this challenging time.