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Serious and complicated cases often arise from accidents involving trucks and cars in Texas. Victims of these accidents face not only the physical pain and emotional trauma, but also the financial strain that comes with medical bills, lost wages, and other unexpected costs. One way to alleviate this strain is through lawsuit cash advances. These advances are a type of pre-settlement funding that allows accident victims to access cash while they wait for their case to be settled. The amount of money a person can receive from a lawsuit cash advance is determined by several factors, but the primary factor is the value of the case itself. Understanding how case value affects your advance can help you plan ahead and make informed decisions about your financial needs during your lawsuit.
What is Litigation Funding? 
Lawsuit funding, also known as litigation financing or pre-settlement funding, provides financial assistance to plaintiffs in the midst of their legal battle. The goal is to provide relief from the financial burden that often comes with waiting for a settlement. This financial relief allows plaintiffs to cover essential expenses, such as medical bills, rent, and living expenses, while their case is pending. The key characteristic of lawsuit funding is that it is a non-recourse advance. This means that if you lose your case, you do not have to repay the funding. However, if you win your case or reach a settlement, the funding company takes a portion of the awarded amount as repayment for the advance.
Understanding Case Value
When you apply for a lawsuit cash advance, the funding company will assess the value of your case. Case value refers to the estimated total amount of compensation that could be awarded to you if your case is successful. Several factors contribute to case value, and each of these factors will influence the amount of the advance you can receive.
Severity of Injuries
In accidents involving trucks and cars, the severity of the injuries plays a significant role in determining the case value. More severe injuries, such as traumatic brain injuries (TBI), spinal cord injuries, or permanent disabilities, often lead to higher settlements. These types of injuries require extensive medical care, long-term rehabilitation, and can lead to a lifetime of pain and suffering. As a result, cases involving severe injuries typically have a higher case value, which means you may be able to receive a larger cash advance.
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In contrast, minor injuries such as sprains or soft tissue damage usually result in lower settlement amounts. While these injuries can still be painful and require medical treatment, they generally do not cause long-term impairment, which limits the case value.
Liability and Fault
The issue of liability, or fault, is another crucial factor in determining the case value. In Texas, the comparative fault rule is followed, which means that if you are partially responsible for the accident, your compensation may be reduced by the percentage of fault attributed to you. If the other party is clearly at fault, your case will have a higher chance of success, and the settlement value will likely be higher.
For truck accidents, determining liability can be more complex. Truck drivers and trucking companies are often held to higher standards of safety, and accidents involving trucks may involve multiple parties, including the truck driver, the trucking company, and the vehicle manufacturer. The more parties involved and the clearer the fault, the higher the potential case value.
Insurance Coverage
The amount of insurance coverage available in your case also affects its value. Texas law requires that drivers carry certain amounts of insurance, but in cases involving commercial trucks, the insurance coverage can be much higher. Trucking companies are often required to carry large commercial insurance policies, which can significantly increase the value of your case.
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If the defendant in your case has high insurance coverage, your potential recovery may be greater, as there will be more funds available for settlement. On the other hand, if the at-fault party has limited insurance coverage or no insurance, your case value may be lower.
Damages and Lost Wages
Damages refer to the financial compensation you may be entitled to receive as a result of the accident. These damages can include medical bills, pain and suffering, emotional distress, and lost wages. The greater the impact of the accident on your life, the higher the potential case value.
Lost wages are a significant factor in determining the overall case value. If the accident prevents you from working, or if you are unable to return to your previous job or occupation, the financial loss from lost wages can be considerable. This loss is taken into account when assessing case value. Additionally, if you require ongoing medical treatment, rehabilitation, or physical therapy, these costs will be factored into the calculation as well.
Punitive Damages
In some cases, punitive damages may be awarded in addition to compensatory damages. Punitive damages are meant to punish the defendant for their actions, especially if they acted in a reckless or grossly negligent manner. For example, in truck accidents, if the truck driver was under the influence of alcohol or drugs, or if the trucking company was negligent in maintaining their vehicles, punitive damages may be awarded. These damages can significantly increase the case value, which could result in a higher lawsuit cash advance.
How Case Value Affects Your Advance Amount
Lawsuit funding companies use case value as one of the primary factors to determine the amount of funding you can receive. Essentially, the higher the value of your case, the higher the amount of money you can be advanced. This is because the funding company wants to ensure that the potential settlement is large enough to justify the risk of providing an advance.
For example, if your case has a high case value due to severe injuries, clear liability, and substantial damages, the funding company will be more confident in your ability to win the case and recover a significant settlement. As a result, you may be eligible for a larger cash advance to cover your expenses while you await the settlement.
On the other hand, if your case has a lower case value, such as in cases involving minor injuries or unclear liability, the funding company may offer a smaller advance. This is because the potential settlement is lower, and the company may perceive more risk in providing a large cash advance.
Other Factors That Can Influence Your Advance
While case value is the primary factor in determining your advance amount, there are other factors that can influence the decision. These include the track record of your attorney, the expected length of your case, and the specific laws and regulations in Texas.
Attorney’s Track Record
If you have an experienced and successful attorney handling your case, this can work in your favor when applying for a lawsuit cash advance. A lawyer with a proven track record of securing favorable outcomes for clients in similar cases will give the funding company more confidence in your case. This confidence can result in a higher advance.
Length of the Case
The expected duration of your case also plays a role in the advance amount. Cases that are expected to take a long time to resolve may result in a lower advance, as the funding company takes on more risk. Conversely, cases that are likely to be resolved quickly may result in a higher advance, as the funding company anticipates a faster return on their investment.
Texas-Specific Laws
Texas has specific laws that may impact the value of your case, such as comparative fault laws and caps on certain types of damages. These laws can influence the overall case value and, in turn, the amount of the advance you can receive.
How to Apply for a Truck or Car Accident Cash Advance
If you are considering applying for a lawsuit cash advance, the process is relatively straightforward. First, consult with an experienced attorney who can help assess the strength of your case and guide you through the litigation process. Once you have a lawyer, you can contact a lawsuit funding company like Fast Funds to evaluate your case and determine your eligibility for funding.
To apply, you will need to provide documentation related to your case, such as medical records, police reports, and evidence of lost wages. The funding company will assess the value of your case based on these factors and make an offer for a cash advance.
Understanding how case value affects your lawsuit cash advance is crucial for plaintiffs involved in truck or car accidents in Texas. The value of your case, including the severity of your injuries, liability, damages, and other factors, directly impacts the amount of funding you can receive. By working with an experienced attorney and a trusted lawsuit funding company, you can secure the financial assistance you need while your case is pending. If you are facing financial hardship due to a Texas truck or car accident, contact Fast Funds, Inc. to explore your lawsuit funding options and get the relief you need.