Train travel, a preferred way to move between cities and states for many, is unfortunately not without its risks. Every year, too many people find their lives turned upside down due to train accidents, ranging from minor injuries to tragic fatalities. The aftermath of these accidents doesn’t stop at emotional and physical pain; the financial stress that follows can be just as overwhelming.
If you or a loved one has gone through such an unfortunate event, know that you’re not alone and that there are ways to lessen the financial burden. But before we explore these options, let’s break down what train accident pre-settlement funding actually is.
Pre-Settlement Funding for Train and Railroad Accident Lawsuits
Train and railroad accident pre-settlement funding, also known as a lawsuit loan, is a financial solution for individuals who have filed a lawsuit due to injuries or damages sustained in a train or railroad accident and are awaiting the final settlement of their case.
Think of it as a cash advance on your future lawsuit settlement to cover your most essential needs—whether it’s medical bills, living expenses, or any other financial obligations—while your train injury lawsuit is pending. This loan is non-recourse, which means if, for any reason, your accident lawsuit doesn’t result in a settlement or a win, you’re not required to pay back the advance. Essentially, you only repay this advance if you win your case or reach a settlement.
How Funding for Railroad Accident Lawsuits Work
The process is simple: you apply with the details of your case, and if approved based on the merits of your lawsuit, you receive the funds quickly, often within a day or two.
- Application. You or your attorney, apply for pre-settlement funding with a company like Baker Street Funding, specializing in this type of financing. The application includes details about your lawsuit, the nature of the accident, injuries sustained, and the expected outcome of your case.
- Qualification. Every legal funding company mandates that you have legal representation and a strong case to qualify for funding. Here, we’ll work with your attorney to obtain additional information and evidence related to your lawsuit. This assessment involves taking a closer look at your case details to assess the extent of your injuries or damages, any liability issues, and the likelihood of a successful settlement or verdict, including its potential value.
- Approval and Funding. If your railroad accident lawsuit is deemed strong and likely to result in a successful settlement, we’ll approve your loan application. You’ll then obtain a funding contract. Once completed, you’ll receive the funds. You can use the money to cover urgent expenses, such as medical bills, living costs, rent, mortgage, transportation, groceries and other costs.
- Repayment. Your attorney will proceed with the repayment amount, which he or she will deduct from the settlement proceeds. If the lawsuit does not result in a settlement or favorable judgment, the injured party typically owes nothing to the funding company, as the advance is non-recourse.
The Consequences of Train Accidents
While trains are generally considered safe, the reality of train accidents in the U.S. paints a different picture, with thousands affected each year. These incidents not only impact passengers but also pedestrians and drivers, leading to a wide range of injuries.
Common Types of Injuries
- Traumatic brain injuries,
- Organ damage,
- Broken bones,
- Spinal cord injuries,
- Paralysis,
- Psychological trauma,
- Death.
Common Types of Train Accidents
Train accidents can happen in several ways, including derailments, mechanical failures, collisions at train crossings, and incidents involving slip and falls within the train due to sudden stops. Each scenario presents its unique dangers and potential for severe injury or even fatality.
Determining Liability
Identifying who’s responsible for a train accident is not easy. That’s why you should work with an experienced attorney who can investigate the circumstances of the incident and determine liability. In some cases, multiple parties may be at fault, including:
- The train operator or railroad company, if negligence on his or her part led to the accident.
- Train manufacturers or maintenance crew, if equipment failure contributed to the incident.
- Government entities, in cases where poor track maintenance or design is at fault.
- Property owners near tracks, if obstructions they’ve allowed on their property contributed to the accident.
Filing your Lawsuit
After experiencing a train crash, victims face numerous difficulties, including medical expenses, loss of earnings, and emotional trauma. Legal actions can provide a means to recover for these losses, whether it’s through personal injury claims or, in the most tragic cases, wrongful death lawsuits.
Your attorney will play a key role in this process by gathering essential evidence, including medical records, witness testimonies, and accident reports. This evidence forms the foundation of your case.
Additionally, your attorney will engage in negotiations with insurance companies and the responsible parties to fight for fair compensation. If these negotiations don’t lead to a satisfactory compensation, your attorney is prepared to represent you in court, and advocate for the settlement you rightly deserve.
How Else Pre-Settlement Funding Can Help
During the waiting period for a train accident lawsuit to settle, victims and their families often face financial stress due to mounting medical bills, lost income, and ongoing unaffordable day-to-day expenses. On top of it, insurance companies tend to delay payouts, ultimately prolonging the financial strain.
These delays can make it extremely difficult, especially if you’re unable to work and earn as usual. To bridge this gap, pre-settlement funding provides you with a portion of your expected settlement early to help you meet your financial needs right away. This way, you don’t have to worry about insurance delays affecting your ability to pay for your most basic costs.
A lawsuit loan, or pre-settlement funding, allows you to maintain stability without rushing into an undervalued settlement on your railroad accident, so that you have the resources needed to fight for what you deserve.
Take the Next Step with Baker Street Legal Funding
A train accident can drastically alter your life, but Baker Street Funding is here to help you stay afloat until your case settles. With our railroad accident injury loans, you benefit from low rates capped at 3 years and transparent terms for your protection. Experience personalized support from a dedicated funding specialist, well-versed in the ins and outs of train accident lawsuits and same-day funding after approval.
Ready to alleviate financial stress while awaiting your train accident lawsuit’s resolution?
Apply today for a lawsuit cash advance with Baker Street Funding to discover how we can support your journey toward justice and recovery. Contact us at (888) 711-3599.
