The Legal Funding Group offers plaintiffs and their attorneys the funding they need to pursue litigation of their claims. Law firms use legal funding options to bolster their working capital, and plaintiffs use pre-settlement funding in Chicago after experiencing severe injuries and are now facing financial hardships.
Regardless of the injury an individual experiences, their living expenses will continue to accumulate. Some plaintiffs cannot work because of the injuries they sustained.
You or your attorney may realize that you have a strong case and a good chance of getting a settlement. However, the payout can take some time before it is in your bank account. This is where The Legal Funding Group can help. We are committed to making the time you must wait for your settlement as comfortable as possible by allowing you to have the financial security you need.
Process of Legal Funding for Illinois Residents
1. Phone/Online Application
To apply for a pre-settlement loan in Chicago, IL, you will need to fill out an application online or complete a phone application. The process is designed to be easy and quick to get you the money you need.
We will ask you and your lawyers for standard documents and will need you to verify that the application’s information is accurate. We must have accurate information to contact you when we need to and guarantee that the funding is sent to the proper place.
2. Getting Lawyer Verification
Your lawyer plays a pivotal role in the funding approval process. We will contact your lawyer before you receive your lawsuit loan. You will be required to complete a release form authorizing us to confirm your case’s pertinent details with your attorney.
This form notifies your legal team that you are seeking funding from The Legal Funding Group. It will lay out the details of your case provided by your lawyer so we can approve the loan.
The Legal Funding Group will require verification, including the details of your case. We can only access this information if you complete a release form with your legal team. We will need to know the extent of the damages you have sustained and will need verification that the defendant can pay the settlement.
Finally, you will need to disclose any previous lawsuits that could negatively affect this case’s result. This would include lawsuits that could change the outcome of or prohibit your case.
3. Loan Approval and Funding Transfer Process
Before approving the lawsuit loan in Chicago, IL, your case will be closely examined. We are interested in the details of the case and any correspondence from your legal team. If your legal team can promptly provide the required documentation and verification, we may approve and transfer funds in as little as 24 hours.
Once this process is complete and the Legal Funding Group has approved the loan, there are several methods for distributing your money to you. An overnight check will be directly deposited into your bank account. We could wire the funds to your bank or send a cashier’s check.
The Process for Qualifying for Legal Funding in Chicago, IL
To qualify for legal funding, your case must meet minimum criteria.
- Your case must be strong. The legal funding company takes a risk by giving you cash based on a pending settlement. There must be a basis for confidence that the case will be resolved in your favor.
- Your attorney must represent you on a contingency fee basis. Your attorney has already agreed to take the case and has agreed only to be paid if they win or settle the case.
- The defendant responsible for your injuries must be able to pay the damages from their own resources or via their insurance company.
If the above criteria are met, the legal funding company will move on to evaluate more information. This includes the following:
- The type and severity of your damages. They will look at the emotional, physical, and financial losses sustained due to your accident. In times past, one would need to suffer severe injuries to qualify for legal funding. Legal funding companies may now offer their services to those with less severe trauma, such as soft tissue injuries.
- There must be an adequate margin for investment. This means that the legal funding company will need to be informed of all expenses deducted from the settlement and attorney fees. One example is a lien against a settlement. This information should be disclosed in advance.
- Cooperation of an attorney. Lastly, your attorney must be informed about and agree with the legal funding. It is their responsibility to provide the documentation and casework needed to apply for funding. In most circumstances, your attorney must acknowledge and agree to legal funding before the process can begin.
Attorney Funding in Chicago, IL
Attorney funding is a financing option made available to attorneys representing plaintiffs in a lawsuit. Funding of this sort is a unique type of financing designed to help attorneys and their plaintiffs stay financially secure as they go through the legal process.
Typically, contingency fee lawyers depend on the success of their cases to earn income. Attorney funding is a customizable funding method tailored for each attorney and case. It takes the time frame and budget of the case into consideration.
Law firms that use our funding services can effectively prepare to win a case and obtain the resources needed to grow their law firm.
Attorney funding gets attorneys the cash they need, so they can assist their clients by presenting a stronger case that includes expert witnesses, professional studies, and other forms of testimony that might require an investment on the attorney’s part.
Improved Operating Capital and Improved Cash Flow – This allows a law firm to operate effectively and competitively. Success can be negatively affected if payments are delayed or if a law firm cannot cover protracted litigation expenses. The Legal Funding Group makes it possible for law firms to build a financial cushion to cover these necessary expenses, monetize liquid assets, and create working capital.
Grow Your Law Firm – Attorneys need to get new clients if they want to grow. Without adequate funding, marketing will not have the same effect. Legal funding makes it possible for lawyers and their law firms to increase their sphere of influence.
Types of Cases We Fund
The Legal Funding Group may provide settlement loans in Chicago, IL, connected to the following types of lawsuits:
- Car Accidents
- Personal Injury
- Truck Accidents
- Medical Malpractice
- Dog Bites
- Nursing Home Abuse
- Worker’s Compensation
- Premise Liability
- Product Liability
- Dangerous Drugs
Legal Information For Illinois
Statute of Limitations
The state of Illinois imposes a two-year limit on claims involving personal injuries. Other statutes of limitations include:
- Two to four years for medical malpractice
- Two years for injury to a person
- Five years for damage to personal property
In Illinois, plaintiffs may be found partially at fault for their injuries as the court recognizes contributory negligence.
Liability for Dog Bites/Attack Cases
In Illinois, a specific statute (510 Ill. Comp. Stat., § 5/16) makes the owner of a dog “strictly liable” for the injury caused by their dog regardless of the animal’s past behavior.
The state of Illinois caps damages on claims against the state at $100,000. The exception is injuries where two state-owned vehicles are involved. However, the Illinois Supreme Court has ruled that caps on all other damages are unconstitutional.
Liability Coverage Minimum Amounts
Insurance law requires you to have the following minimum vehicle liability insurance:
- $20,000 for property damage
- $50,000 for bodily injury for all persons per accident
- $15,000 with a $250 deductible for uninsured motorist property damage
- $25,000/$50,000 underinsured motorist coverage
- $25,000 bodily injury per accident per person
- $25,000/$50,000 UIM coverage
Apply for Legal Funding in Chicago, IL
The Legal Funding Group is committed to helping victims who are seeking justice but do not have the financial means to wait for a settlement payout they rightfully deserve. When you work with The Legal Funding Group, you work with trained funding specialists who can help you get the financial help needed to focus on recovering instead of feeling overwhelmed.
Apply for legal funding in Chicago, IL, and get the financial assistance you need while waiting for your lawsuit to settle.