Bankruptcy Prof Blog

Posts Tagged ‘lawsuit settlement loans’

In our last article, we discussed several factors that must be satisfied when pursuing settlement loans. Our principal focus was on the “reasonable person” standard and the “duty” the defendant owed to the plaintiff. Additionally, we discussed ways in which determinations are made with respect to the duties the defendant may owe to the plaintiff.

In addition to the foregoing, it will be essential that the plaintiff establish the “damages” that resulted from the defendant’s failure to exercise the duty owed to the plaintiff at the time the incident occurred. In this article, we will discuss ways in which the plaintiff may go about identifying damages for which a claim may be filed. Failure to establish the damages sustained, will preclude any likelihood of obtaining pre-settlement loans.

It is quite interesting to observe how frequently those who submit applications in an effort to obtain either a lawsuit loan or lawsuit funding fail to clearly identify the damages on which that claim is predicated. Unfortunately, the plaintiff has failed to understand one of the most critical elements in attaining litigation funding when they fail to identify those damages. If there are no identifiable damages, there will be no lawsuit settlement loan. Therefore, in addition to establishing that the defendant owed the plaintiff a duty and that the defendant failed to act in a manner consistent with that required by “reasonable person,” the plaintiff has no claim and will be unable to obtain settlement funding unless they can clearly establish the fact that they sustained damages as a result of defendant’s actions.

It is quite reasonable to ask, “If damages are so important, how do I determine what damages I’ve sustained? Additionally, how do I go about assessing the economic loss of those damages?” The damages may come in numerous forms. However, some of the more frequent forms of damages that serve as the basis of “negligence” actions are injury sustained as a result of a car wreck, injuries sustained as a result of discriminatory practices (e.g., employment discrimination), losses resulting from a breach of contract, losses resulting from a failure to maintain a safe and habitable environment (e.g., premises liability), injury sustained as a result of a dog bite, and wrongful termination of employment.

Assuming that the plaintiff has established that they did suffer damages, what are the actual damages that may be submitted to demonstrate the economic loss in question? A few examples of damages and economic losses resulting from said damages would be things such as medical expenses, vehicular repairs, loss of consortium, emotional distress, and loss of opportunity. It is essential that the plaintiff realize that in order to prevail in the underlying lawsuit and to obtain either a lawsuit loan or lawsuit funding they must clearly establish both the damages sustained and a reasonable estimate of economic loss resulting from the defendant’s actions.

If we were to take the example of medical expenses, there are many factors that must be taken into consideration. There may be fees related to emergency medical personnel who were called to the scene. There may be separate expenses related to the cost for having an ambulance take the plaintiff to either a hospital or medical facility. There may be expenses related to an emergency room visit. There may be expenses related to either a hospital-stay or outpatient facility. If surgery is required, not only is the surgery considered an expense, but fees related to anesthesiology, surgical-equipment, post-op rehab, etc. are also considered as medical expenses.

When plaintiffs pursue pre-settlement loans, it is necessary for them to take into consideration all of the damages sustained. Additionally, these damages must be carefully calculated in making a determination as to the extent of injury for which the plaintiff intends to file a claim. If the plaintiff fails to identify an element of damages, once that claim is settled, the plaintiff will be forever barred from future-compensation for those damages not included in the underlying claim.

Once the claim is settled, the plaintiff will be required, at least in most cases, to sign a “hold-harmless” clause. This agreement will absolve the defendant from all future damages. The settlement loans advanced will not be based merely on the perceived value of the claim filed against the defendant. The plaintiff’s ability to obtain either a lawsuit loan or lawsuit funding will be reliant on the funding-entity’s perceived value of the damages established. It is important to keep in mind, that the principal factor in making such a determination will be the damages both claimed and clearly-established.

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Those interested in obtaining settlement loans must first establish that they have suffered an injury. In establishing the injury sustained, it will be necessary to satisfy several elements. The injury that must be established is not limited to merely physical harm/injury. The form of injury that may serve as the basis for a claim may include emotional distress, loss of real property, loss of personal property, etc.

Although there are numerous classifications of claims that may be submitted to obtain settlement loans, this series of articles will focus on “negligence” cases. In our discussion of “negligence,” our focus will be on the manner in which “negligence” is established in Courts of Law. It is important to realize that most cases dealing with “negligence” are civil. However, there are numerous causes of action that may arise with respect to “criminal negligence.” It is important to realize that in most civil cases the plaintiff seeks to obtain money (i.e., “damages”) for physical and/or mental injuries resulting from the harm defendant caused. In criminal cases, it is the State that seeks to prosecute the defendant for harm to which society is subjected.

A “negligence” claim is predicated solely on the fact that the defendant purportedly neglected to conduct himself/herself in a manner consistent with duties society imposed upon that individual. The standard on which the Court will rely is referred to as the “reasonable person” standard. If an individual fails to comport with the “reasonable person” standard, that individual may be liable for damages others incur as a result of the negligence in which that individual engaged.

As Lord Blackburn, a 19th Century Scottish jurist, stated, “Those who go personally or bring property where they know that they or it may come into collision with the persons or property of others have by law a duty cast upon them to use reasonable care and skill to avoid such a collision.”

In determining whether one has a case sufficient for obtaining a settlement loan, you’ll be required to satisfy various elements of your case. In negligence cases, you must first establish that the defendant acted in a negligent manner that resulted in your harm. It will also be necessary for you to establish that the harm to which you are subjected justifies the compensation you seek.

When calculating damages, it is essential that the plaintiff realize that the defendant may be liable for injuries sustained to the body, emotions, family members, real property, personal property, etc. It is vital that the plaintiff realize that these cases are fact-specific. In such cases, the Court will grant tremendous latitude when assessing the amount of damages sustained. The Court will exercise the same discretion in determining the amount of compensation to which the plaintiff may be entitled.

Individuals who sustain injury and wish to pursue either lawsuit funding or a lawsuit loan will be called upon to satisfy several factors in the underlying case. It is necessary that the plaintiff establish both negligence and damages. However, the direction in which the case proceeds will be contingent on neither the nature nor the extent of damages sustained.

Individuals seeking settlement loans will obtain a tremendous amount of assistance if they work with the litigation funding broker. Unfortunately, many individuals fail to receive the funds they seek due to the fact that they fail to obtain requisite information. Additionally, many of these individuals fail simply because they are unable to engage in an appropriate level of communication with the funding-entity from which they seek to obtain lawsuit settlement loans.

Are you confused about obtaining litigation funding? Please stop by our site to find out all about the benefits of obtaining lawsuit loans and what they can do for you.