When you are in the process of fighting an accident claim, your financial stability can take a hit. After all, you are fighting in court to recover damages and expenses that are not your fault.
While you will eventually recover the proper amount of compensation, it doesn’t happen overnight. Lawsuits take time to settle, and it’s hard to predict how long a given case will take.
Some take just weeks, while others take months or even years.
While you are fighting your case, you might have extra medical bills, lawyer fees to pay, and property damage repair costs. All this comes on top of your normal expenses.
Luckily, you don’t have to wait for your settlement check to get some extra cash in your pocket.
Instead, you can take out a Kentucky lawsuit loan. Here at Injury Wallet, we help our clients find pre-settlement funding in Kentucky.
What Are Kentucky Lawsuit Loans?
Essentially, lawsuit loans are a sort of financial bridge that spans the gap between the time you file a lawsuit and the time in which you settle or otherwise win the lawsuit.
Without a lawsuit loan, bills and interest can add up quickly. If you can’t keep up on those expenses, you may find yourself in an even worse financial situation than you were in before the accident.
How Do Lawsuit Loans Work?
Lawsuit loans work similarly to traditional loans—with one key difference. A typical loan is what is known as a recourse loan.
If you default on a recourse loan, your lender can recoup their expenses by seizing any assets you have.
The same is not true when it comes to lawsuit loans. Lawsuit loans are a type of non-recourse loan.
When you default on a non-recourse loan, your lender can only seek repayment through whatever specific collateral you put up to secure the loan.
With lawsuit loans, the collateral is your eventual settlement or jury award. Thus, if you lose in court or don’t settle out of court, you don’t have to repay your lender a single penny.
Lawsuit Funding in Kentucky: State Laws To Keep In Mind
Before you take out a Kentucky pre-settlement loan, there are a few Kentucky laws you should keep in mind.
Notably, you should know about Kentucky’s statutes of limitations and liability rules.
These rules, generally concern your claim. However, whatever affects your claim is important to your lawsuit loan.
Kentucky’s Statutes of Limitations
Statutes of limitations are laws that limit the amount of time that a party can take legal action on a certain issue.
If you fail to initiate a lawsuit before the statute of limitations runs, that’s it; the courts will likely reject your claim outright.
The most important statutes of limitations to keep in mind regarding your civil claim are the limitations on property damage and personal injury.
Kentucky’s statute of limitations on property damage is two years from the date on which the property was damaged. For personal injury damages, you have just one year from the date of the injury to file a lawsuit.
It is very important to keep both of these limitation periods in mind if you file a claim involving both personal injury and property damage.
If you forget about the difference, you may end up having only a valid property damage claim.
While these are the two most common statutes of limitations that relate to civil claims, there are others. Always ask your attorney about statutes of limitations to ensure that you don’t let one pass you by.
There are also some exceptions to each of these rules, so make sure you talk to your attorney about those too.
Kentucky Liability Rules
Kentucky’s liability rules will have a huge impact on the outcome of your claim, so it helps to familiarize yourself with them.
Generally, to successfully hold someone liable for their negligence in Kentucky, you need to establish four elements:
- The existence of a duty of care between yourself and the defendant,
- A breach of that duty of care on the part of the defendant,
- You suffer real damages, and
- There is a compelling causal link between the breach of duty and the subsequent damages.
Without these four elements, you won’t have much of a negligence claim.
Liability for car accidents does not require a showing of negligence in the way we outlined above. Instead, courts look at each party’s degree of fault to determine liability.
Kentucky uses what is known as a pure comparative negligence system to assess fault in car accidents. In this system, each party is assigned a percentage of the blame.
The percentage of blame you receive corresponds to a reduction in the amount of damages you can recover.
Injury Wallet Can Help You Find The Best Lawsuit Loan Company For You and Your Case
Not all lawsuit loans are created equal, and not all lawsuit lenders are created equal. Every Kentucky lawsuit lender has its unique internal processes.
Because pre-settlement funding is a loan at the end of the day, it helps to shop around for the best deal. Interest rates and fees can vary wildly between different lenders.
However, shopping for a loan is difficult and time-consuming. You have to submit multiple applications to different lenders, wait for their responses, and then read through their loan agreements.
After shopping a few hours for legal funding companies, you may want to give up.
Instead of going it alone, let Injury Wallet help find you the best cash advance in Kentucky for your specific needs. All you have to do is fill out one simple application.
Then, we do the rest. We submit your application to dozens of the best lawsuit loan companies and come back to you with the best rate available—and you get to keep more of your settlement.
Don’t delay financial stability. Instead, get started with Injury Wallet today!