When you have been a victim of someone else’s negligence or misconduct, your entire life could be changed. It is not uncommon for injury victims to pursue legal action through insurance claims or civil lawsuits to get justice and recover their damages in full.
Unfortunately, many injury victims find themselves struggling to cope financially. So much so that turning to bankruptcy is one of the only options to get out of debt and begin rebuilding their lives. If this sounds like what you are going through, you are not alone.
You may be wondering whether you can get an advance on your pending settlement funds and how your bankruptcy declaration will impact your eligibility. At High Rise Financial, our loan specialists are here to help.
In This Article
Personal Injury and Bankruptcy Laws
Under the law, if you are actively declaring bankruptcy, you are required to disclose the fact that you are currently involved in a personal injury case. This is because the court will need to determine how your anticipated injury settlement will impact your ability to repay your creditors when you are struggling financially. Failure to disclose this critical information could be considered bankruptcy fraud.
According to bankruptcy laws in the United States, there are specific types of debts that may be considered exempt when you are declaring bankruptcy. These include:
- Compensation you receive following a wrongful death lawsuit for someone you were dependent on for financial support
- Up to $25,150 for personal injury damages, excluding exemplary losses and pain and suffering damages
- Restitution for your diminished earning capacity
- Any compensation you receive after being victimized due to a criminal offense
When you are struggling to cover your costs, a lawsuit loan may be in your best interests. Not only could a lawsuit loan help you avoid having to declare bankruptcy, but it could protect the personal injury settlement you are anticipating.
If your entire personal injury settlement is included as part of your bankruptcy estate, you may not qualify for a cash advance on your pre-settlement funding, as your entire settlement will be going to your bankruptcy debts. Make sure you discuss your legal options further with your bankruptcy attorney or contact our loan specialists at High Rise Financial for help.
To apply for free, call (877) 735-0016
What if My Bankruptcy Was Discharged?
If you previously declared Chapter 13 or Chapter 7 bankruptcy, and your debts have been discharged, the fact that you have previously declared bankruptcy will have no impact on your ability to obtain pre-settlement legal funding.
Since your bankruptcy petition has been discharged, you are no longer under any financial obligation to pay back your creditors. The amount of compensation you receive in pre-settlement funding will not be limited by the amount of compensation you owe creditors. For this reason, our High Rise Financial loan specialists may be able to approve your application for legal funding.
Generally, we can award you approximately 20% of your anticipated settlement. However, this amount could be higher or lower depending on the specific circumstances of your case. The best way to find out how much you could be authorized in legal funding is to contact our office or fill out our application now.
When to Contact an Attorney
If you are hoping to access pre-settlement legal funding, it is important that you have a personal injury attorney, bankruptcy lawyer, or other legal advocate working on your case. Our loan specialists will need to speak with your lawyer to determine how long it will be before your settlement is resolved, how long it will be before your settlement is paid out, and how much we can reasonably authorize in legal funding.
You do not need to have a source of income or a high credit score to be eligible for a lawsuit loan. As long as you are working with a lawyer and your lawyer anticipates a payout, we may be able to provide you with legal funding in advance. Your bankruptcy declaration should have minimal impact on your case if it has already been discharged.
You can find out more about whether you will qualify for pre-settlement funding despite your bankruptcy declaration when you contact your attorney to discuss your legal options.
How to Apply for Legal Funding
The process for applying for a pre-settlement lawsuit loan is much easier than you might have previously thought. Here is a simple breakdown of the steps you need to take:
- Gather all of the evidence you need to support your application.
- Fill out our application for a lawsuit loan in its entirety.
- Wait for our loan specialists to review your application and speak with your lawyer.
- If your application is approved, your funds can be sent to your bank in 24 hours or less.
The application process is really that simple. If you have additional questions or concerns, or if you are interested in learning more about whether a pre-settlement loan may be a better option than declaring bankruptcy, speak with your attorney or reach out to High Rise Financial for help.
Complete a Free Application form now
Spending Your Pre-Settlement Funds
One of the top concerns lawsuit loan recipients have is whether there will be restrictions or limitations on what they can spend their pre-settlement funds on. However, this money is yours. When your personal injury settlement comes in, there will be no restrictions or companies monitoring how you spend it. Neither do we.
Once the money is sent to your bank, it is yours to spend however you deem necessary. Some examples of costs and expenses covered by lawsuit loans include:
- Rent payments
- Mortgage payments
- Costs of rental cars
- Auto insurance coverage
- Car notes
- Credit card debt
- Groceries and household items
- Entertainment expenses
Reach Out to High Rise Financial Loan Specialists for Help Today
Although bankruptcy declarations often have negative connotations, pursuing bankruptcy may be the best way to get yourself back on track financially after everything you have been through.
Fortunately, your bankruptcy declaration will have no impact on your ability to obtain pre-settlement funding through High Rise Financial. Contact our team to learn more about the application process and whether you qualify. You can fill out our quick contact form or call us to get started today.