Alaska Legal Funding
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When you have suffered critical injuries or damages as a result of another party’s misconduct or negligent actions, you may have the opportunity to pursue civil litigation against them. In doing so, you could be awarded the compensation you are entitled to. However, you may find that your settlement is delayed, causing you to endure challenging financial struggles.
If you need legal funding to achieve financial stability during such a difficult period, pre-settlement loans from High Rise Financial in Alaska may be right for you. Pre-settlement funding in Alaska provides you with the cash advance you need to meet your basic needs and settle monthly expenses.
Also, the settlement loan is non-recourse. You are only obligated to repay the pre-settlement loan if you win your lawsuit.
In This Article
- What Is Legal Funding in Alaska?
- How does Alaska Legal Funding Compare to a Regular Loan?
- Common Civil Cases We Fund
- Fault Laws in Alaska
- Statute of Limitations for Alaska Civil Lawsuits
- The Alaska Mandatory Liability Insurance Law
- How to Apply for Alaska Legal Funding
- How to Spend Your Alaska Pre-Settlement Funds
- How Will You Pay Back Your Lawsuit Loan?
- Need Alaska Legal Funding? Call Us Today
What Is Legal Funding in Alaska?
Are you having trouble covering your rent or mortgage payments? Are you finding it difficult to put food on the table, cover your children’s extracurricular activity costs, or even enjoy your life? If you are waiting for your civil lawsuit funds to come through, you could be struggling financially for the foreseeable future.
Fortunately, when you apply for legal funding in Alaska, you can access a portion of your settlement funds in advance. Although lawsuit loans are not a cash advance, they are awarded contingent upon your ability to pay them back through your settlement payout.
How does Alaska Legal Funding Compare to a Regular Loan?
Many people are confused as to how legal funding is different from a traditional loan. If you are having trouble covering your daily living expenses, is taking out a loan really in your best interests? The truth is that Alaska legal funding carries minimal risk, as it is not a traditional loan.
With regular loans, you will need to file a loan application with some type of financial institution. This could be a credit union, a bank, or another type of lender. These institutions will only approve your application if you have good credit and are able to provide them with proof of your income.
What if My Credit Score Slips?
Sadly, after everything you have been through, you may temporarily be out of work and not earning a living. Your considerable financial troubles may also have had a debilitating impact on your credit score. If you had accounts sent to collections, or lenders reported your payments as late, your credit may have taken a turn for the worse.
Thankfully, lawsuit loans are different. You do not need to have good credit or a source of income to qualify. You will also never be expected to pay interest on your lawsuit loan.
Whereas traditional loans often have astronomical interest rates that often result in the loan applicant paying more in interest than they did for their initial loan, High Rise Financial never utilizes compound interest rates.
Common Civil Cases We Fund
There are a variety of types of civil lawsuits that may be eligible for legal funding in Alaska. Some of the more common types of cases High Rise Financial has funded include:
- Police brutality cases
- Unlawful arrest
- Car accidents
- Motorcycle accidents
- Truck accidents
- Bus accidents
- Bicycle accidents
- Pedestrian accidents
- Slips and falls
- Construction accidents
- Assault cases
- Work-related injuries
- Medical malpractice
- Birth injuries
- Qui tam lawsuits
- Whistleblower lawsuits
- Employment law violations
- Products liability lawsuits
If you are dealing with another type of insurance settlement or civil claim that was not listed above, we may still be able to approve your lawsuit loan application. Be sure to contact High Rise Financial’s loan specialists if you have concerns as to whether you meet our eligibility requirements.
Fault Laws in Alaska
Alaska follows the “pure comparative negligence” principle. The rule allows accident victims to collect damages even if they were up to 99% at fault for the collision. However, the amount you may recover will be reduced by your fault percentage.
For example, if you were accused of not wearing your seatbelt after a car accident, the judge might find you 10% at fault for causing your injuries. Due to Alaska’s pure comparative negligence laws, your injury settlement would then be reduced by 10%. If you were awarded a sum of $500,000, you could expect a deduction of $50,000, leaving you with only $450,000 of your initial settlement.
Statute of Limitations for Alaska Civil Lawsuits
Under Alaska laws, personal injury actions to recover damages must be filed within two years of the date of the accident or injury. Failure to file your lawsuit before this deadline will mean you no longer have the right to pursue your case within the Alaska civil courts.
The Alaska Mandatory Liability Insurance Law
Motor vehicle accidents are one of the most common types of civil cases High Rise Financial has funded. In Alaska, vehicle owners must have the following minimum amounts of liability auto insurance coverage:
- $50,000 liability coverage for bodily injury or death, per person injured or killed in an accident.
- $100,000 liability coverage for total bodily injury or death liability in an accident.
- $25,000 liability coverage for property damage per accident.
Alaska follows a fault system for auto insurance and accidents, which means you will file a claim with the at-fault party’s insurer instead of your own. If the liable party only purchased the minimum amount of auto insurance coverage by law, you may find yourself with excess damages. However, these can be sought after in your civil claim against the liable party.
For this reason, it is always a good idea to prepare to bring your case to court.
How to Apply for Alaska Legal Funding
At High Rise Financial, we have made our pre-settlement funding application as straightforward as possible. Here are the processes involved in applying for legal funding in Alaska:
- Notify us about your interest in applying for our lawsuit funding.
- Visit our website to fill out and submit your application form.
- Provide relevant details about your case and your attorney’s contact information
- Our legal funding specialists will contact your lawyer to discuss your case and expected compensation.
- We’ll make a decision within 24 hours.
However, applying for our settlement loan in Alaska doesn’t require a credit check or income validation. If your application for pre-settlement funding in Alaska is approved, you can get your cash advance afterward.
How to Spend Your Alaska Pre-Settlement Funds
After your legal funding application has been approved, you could access your money in just a few short hours. There are no limitations on what you can spend your pre-settlement funds on.
The money is yours to use the same way your settlement funds would be. Some of the more common types of expenses paid with lawsuit loans include:
- Outstanding credit card debt
- Regular rent or mortgage payments
- Homeowner’s or renter’s insurance
- Auto insurance and life insurance premiums
- Phone, utility, and Internet bills
- Motor vehicle expenses, including regular maintenance, vehicle repairs, and monthly payments
- Household entertainment fees
- Costs of childcare and extracurricular activities
How Will You Pay Back Your Lawsuit Loan?
Paying back your lawsuit loan in Alaska is much easier than you probably thought. After your injury settlement has come in, you will not need to worry about paying your pre-settlement funds back at all. This is because your attorney will be responsible for using your settlement to pay back your advanced funds.
If your lawyer does not win your case, there is no need to worry. High Rise Financial is not a debt collection agency and will never attempt to collect this debt. This is because we do not consider your Lawsuit loan a debt.
You do not need to have concerns that your credit will be impacted, that we will contact your friends or family, or garnish your wages. In this way, Alaska legal funding is a minimal to low-risk option for those struggling through the civil litigation process.
Need Alaska Legal Funding? Call Us Today
If you live in Alaska and need pre-settlement funding, call High Rise Financial today. Our settlement loans in Alaska are non-recourse loans, and legal funding features low-interest and no compounded rates.
Our specialists will evaluate your case details and enlighten you about your lawsuit funding options. With our pre-settlement funding, you won’t need to apply for traditional “lawsuit loans” in Alaska. Contact High Rise Financial today to get started.