Thursday, November 5, 2009

How Do You Go About Obtaining A Lawsuit Loan Following An Auto Accident?

By Dr. Tom Rhudy

Are you an individual recently injured in an auto accident and wondering whether your case qualifies for a lawsuit loan? If that is a case for you, we've provided information intended to assist you in making a determination as to whether your case would qualify for such funding.

If you are able to locate a good broker, that broker will be more than happy to assist you in obtaining the lawsuit loan you seek. You may rest-assured, that if you have such a broker, the broker will do everything to assist you in obtaining that funding as quickly as possible! Of course, the benefit of using a broker is that you will not have to rely on merely one source of funding, but will be able to locate the best funding-source for your needs.

However it is essential that you assist your broker in obtaining the necessary information to obtain funding as quickly as possible. To speed that process along, it is necessary to obtain various documents so that your case may be reviewed to assess both the strengths and weaknesses of your case and to determine a realistic settlement-value.

If you're fortunate enough to find brokers experienced in handling cases similar to the one that you present, this will greatly assist you in obtaining the best possible lawsuit loan. If you take care in your selection of a broker, it is possible that you'll find a team of individuals who are experienced in handling many cases that are similar to the very case for which you're seeking funding, and work with you to find the best possible funding source.

Individuals injured in auto accidents will find that their claims are classified as "auto accident" cases. Those who are injured in such accidents, particularly those who wish to increase the speed at which they are able to obtain a lawsuit loan, will find that it's necessary to provide certain documents to the broker:

Police report: The police report is essential in identifying the parties that are responsible for the injury sustained. Your broker, upon reviewing the police report, will likely be able to identify not only the parties injured, but also the parties responsible for the injuries sustained. The police report will also identify information related to the insurance carrier, any observations recorded at the scene, as well as additional documentation. (In many police reports, no injuries will be reported. One should not be concerned regarding the absence of such reporting. It is important to recall that police officers are not trained in the evaluation and diagnosis of injuries that may occur as a result of auto accidents. It is often the case that police officers conclude that there are no injuries at the scene merely because no blood is observed, there is no evidence of broken bones, and the parties are able to exit their vehicles without assistance.)

Adverse insurance information: The term "adverse party" refers to the individual, in most cases, who caused the injuries. It is necessary to find out who is at fault and who will be responsible for paying the settlement you may be awarded.

Demand Letter and Medical Expense Summary: If you intend to obtain a settlement, it will be necessary for you to demonstrate what damages you sustained. The Medical Expense Summary will be a good way for you to convey that information. Your attorney will prepare the Demand Letter, a document that will be submitted to the payer (e.g. insurance company) for review and to allow the party deemed responsible an opportunity to determine whether they intend to offer some money on the claim or intend to deny that claim. If the latter occurs, it is very likely that this case will be submitted for litigation. Litigation is merely a term that's used to indicate that the case will be going either to court or to an administrative proceeding.

Included in the Medical Expense Summary, are documents such as the hospital/emergency room records, to include admission and discharge summaries; and any operative reports, as well as doctor's reports. It is very important that the claimant clearly identify all such information. Failure to provide that information may severely damage your ability to obtain the settlement you are seeking.

You must include information regarding insurance coverage that you have: To provide the lawsuit loan for which you submitted your request, it is imperative that the broker know about the insurance coverage you personally have. You may find that your case will not be funded if you fail to provide such information. Claimant's often find that, at the end of their claim, a very unpleasant situation awaits them. Subrogation is a process that allows insurance carriers and other payers who have provided any funding whatsoever for injuries sustained to recoup monies paid. In such instances, it is necessary that those monies be repaid prior to obtaining any additional funds. If you wish to have a successful outcome regarding your lawsuit loan application, it is very important to clearly identify any insurance coverage that you personally have.

If you have obtained prior loans/advances, the broker must verify that those loans/advances have been paid: You are advised to be very candid in discussing any loans/advances that you obtained prior to submitting your current request for a lawsuit loan. The broker must be able to evaluate that information to determine whether such funding is appropriate in your case.

Remember, the quicker you get the necessary documents to your broker, the quicker they can determine whether your case qualifies for the lawsuit loan requested! The process is often simplified by providing a toll-free number to which both you and your attorney may submit the necessary documents.

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