Pre-Settlement Funding in Texas
According to the National Highway Traffic Safety Administration, traffic crashes killed more people in the United States in 2021 than any year since 2005. According to NHTSA, 42,915 people died in motor vehicle traffic crashes in 2021, a 10.5% increase from the 38,824 fatalities in 2020 and preliminary data on 2022 estimates similar fatalities to 2021.
And according to the Texas Department of Transportation’s statistics, 239,539 persons were injured in motor vehicle traffic crashes in 2021. A serious traffic collision can leave accident victims with huge medical bills and other expenses.
What a plaintiff in a personal injury lawsuit often finds is that their case will drag out over months or even years and they may find themselves in financial distress because they are unable to work or pay medical bills or even cover basic living expenses.
Thankfully, in Texas you can get the legal funding you need by contacting HMR to discuss how our pre-settlement funding program can help you pay for living expenses and other needs while your attorney is working to get you the justice you deserve.
Eligibility for legal funding in Texas is based on the strength and potential value of your case. We do not perform a credit check or income validation to approve your request. Our experts will receive relevant information from you and contact your attorney to discuss your case.
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What is Pre-Settlement Funding?
Pre-settlement funding, also known as a lawsuit loan, legal funding or a settlement advance, is an advance on your pending lawsuit settlement or award. Unlike traditional loans, the cash you receive will be based on the merits of your case, not your credit rating. Also, unlike a traditional loan, if your case is lost, you won’t have to pay back the pre-settlement advance you received from HMR.
How does Pre-Settlement Funding work in Texas?
Applying for pre-settlement funding in Texas is very simple and straightforward. Below are the simple steps:
- Fill out our online request form above and provide the requested information
- Our team will reach out to your attorney to discuss your case in more detail
- We’ll make a decision within 24-48 hours based on the merits of your case
- You can receive your money quickly through direct deposit or check
How can Pre-Settlement Funding help you?
Once you receive your pre-settlement cash advance, you can use it for anything you need such as:
- Paying for basic living expenses like monthly bills, housing and car payments
- Covering medical expenses and medicine
- Purchase groceries and gasoline
Ultimately, getting a pre-settlement advance can help your attorney have the time they need to get you the justice you deserve, without your worrying about making ends meet in the meantime.
Is Pre-Settlement Funding Legal in Texas?
In short, yes, pre-settlement legal funding is legal in Texas. The practice of third-parties funding lawsuits is known as champerty and maintenance and is legal in Texas and 16 other states.
The landmark 2006 case Anglo Dutch Petroleum International Inc. v. Haskell established that Texas does not maintain legal provisions against third-party legal funding. Texas courts found that this funding actually constitutes an investment and not a loan since there is no “absolute obligation” of repayment.
Important Additional Information to know in Texas
How Is Pre-Settlement Funding Regulated in Texas?
There are few specific regulations impacting pre-settlement legal funding in Texas. However, your ability to use it will be constrained by Texas’ laws and regulations for filing a lawsuit. You’ll have only two (2) years to file a claim in most cases before the statute of limitations on them expires. Texas also uses a modified comparative fault and a 51% fault threshold, which can lead to a lower settlement if you’re found to be partially at-fault.
Insurance Requirements in Texas
Under Texas laws, drivers are required to carry the following required minimum liability auto insurance coverage limits:
- $15,000 for each injury per accident
- $30,000 for total injuries per accident
Statute of Limitations in Texas
Texas auto accident statute of limitations states that accident victims must file injury claims or lawsuit against the responsible party within two (2) years from the date of the accident.
Apply for Pre-Settlement Funding in Texas Today
If you’ve been injured and are in need of financial assistance while your case is in motion, apply now for pre-settlement funding and our experienced team at HMR will contact you and your attorney to learn more about your case and how we can help you.