If you are a plaintiff in a lawsuit, and it does not look as if the lawsuit will be settled in the immediate future, you have a way of receiving immediate funding while you wait for your case to go to trial. Lawsuit funding from LawMax can relieve financial pressures by providing immediate cash to replace lost income and cover living expenses. For many plaintiffs, lawsuit funding is the only way to replace lost income and survive financially while awaiting the outcome of a lawsuit. debt collection statute of limitations
Unlike conventional financing, an advance via lawsuit funding only as to be repaid if and when you win the case and receive a settlement. Lose the case, and the funds are yours to keep! Here is how lawsuit funding works:
1) Apply for funding over the phone or apply online at. LawMax will evaluate your case, and if we believe we can help, you will receive an immediate pre-approval. In many cases, you can get pre-approval in just minutes, so that you will know immediately whether lawsuit funding from LawMax is right for you.
2) Once you have applied, there is not much more for you to do because LawMax takes over the process. We contact your attorney to get the documents related to your case so that we can evaluate your lawsuit for funding. The attorney may contact you to get your permission to provide us with these documents. You will need to grant this permission so we have all the pertinent information we need to review your request for funding. Once permission is granted and we receive the documentation, we take special care to insure its confidentiality. To protect your privacy, we digitize all hard-copy documents and shred the originals, then store the digitized files on our secure servers. Your documentation is only used to help us offer you funding. Once we have your documentation, our underwriters review your case immediately.
3) Upon approval of your request for lawsuit funding, we draft a Claim Investment Agreement and send it to your attorney. We do this because LawMax respects the client-attorney relationship, and we assume you will want your attorney to review all agreements related to your case. LawMax also wants to save you time. By sending the agreement directly to your attorney, he or she can review it and advise accordingly. You then simply have to sign the agreement and your attorney needs to acknowledge it. Your attorney will often fax the agreement directly to LawMax after he or she has reviewed it and it has been signed, and that saves more time.
4) Once LawMax receives the signed agreement, a check for the full amount of lawsuit funding goes out right away. The check can be sent via overnight mail, or the funds can be wire-transferred directly to your bank account if that is more convenient.
5a) When the case settles, your attorney repays the original lawsuit funding plus the accumulated risk premium on that funding. Your attorney will also pay any other lien holders, deduct the agreed-to attorney fees, and remit a check to you for the balance of the final settlement.