New York Lawsuit Loans - Fast & Reliable Pre-Settlement Funding

Here’s how NY laws can generally influence the process and decision-making for lawsuit loans:

1. Comparative Negligence: New York follows the principle of “pure comparative negligence.” This means that if a plaintiff is found to be partially at fault for their injuries, their compensation will be reduced by their percentage of fault. For lawsuit funding companies, this means assessing the potential reduction in settlement or judgment value based on the plaintiff’s contributory negligence.
2. Statute of Limitations: In New York, personal injury claims generally have a statute of limitations of three years from the date of the injury. Lawsuit financing companies will consider how much time has elapsed since the injury. If the statute of limitations is ending and the lawsuit hasn’t been filed, it might influence the lender’s ability to fund the case.
3. Insurance Regulations and Minimum Liability Coverage: New York is a “no-fault” state for automobile accidents, meaning that, regardless of who’s at fault, injured parties turn to their own insurance policies for compensation first. This can influence the amount of money awarded in auto accident cases and, consequently, the funding possibility for car accident lawsuit loans.
   In addition to the no-fault system, New York law mandates that vehicle owners carry the following liability insurance coverage:
   (1) A minimum coverage of $25,000 is required for personal injury to a single individual in an accident.
   (2) In the event of a fatality, the coverage requirement increases to $50,000 for each person. (3) For accidents involving multiple individuals, the minimum coverage for injury is set at $50,000.
   (4) If an accident results in the deaths of two or more people, the required coverage is $100,000.
   (5) Property damage liability is set at a minimum of $10,000 per accident. A minimum coverage of $25,000 is required for personal injury to a single individual in an accident.
4. No-Fault Car Insurance: New York’s “no-fault” car insurance system means that after most traffic accidents, an injured person’s own insurance will cover certain losses, regardless of accident fault. This principle can influence potential recovery amounts in auto accident cases, thereby affecting the lender’s decision to invest in a case.
5. Caps on Damages: While New York doesn’t have a cap on most personal injury damages, there are caps on certain types of damages in medical malpractice cases. This can affect the potential value of a case and the amount a lawsuit funding company is willing to advance.
6. Liens and Subrogation Rights: New York law allows certain entities, like health insurers or Medicaid, to place liens on personal injury settlements or judgments to recover amounts they’ve paid for the plaintiff’s medical treatment. Legal funding companies will consider these liens, as they can reduce the net amount the plaintiff receives from a settlement or judgment.
7. Professional Ethics and Conduct: New York’s rules of professional conduct for attorneys can influence the lawsuit funding process. For instance, New York attorneys must avoid any potential conflict of interest by not having any financial interests in lawsuit loan companies they direct their clients to.
8. Case Precedents: Decisions from New York courts in personal injury cases can set precedents that influence the value and strength of future cases.

All in all, New York’s personal injury laws create a framework that funding companies must comply with. These laws influence the risk assessment, potential return on investment, and the overall decision-making process to provide lawsuit loans to plaintiffs in personal injury claims.

In the midst of a New York personal injury litigation, the last thing you need is added stress due to unclear lawsuit funding terms. Interestingly, New York State doesn’t have laws or regulations governing lawsuit loans. However, this doesn’t mean you should settle for any pre-settlement funding company. There are financial and legal standards that businesses must respect.

At Baker Street Legal Funding, we’ve set our own gold standards. Even without New York lawsuit funding regulations, our commitment to New Yorkers is rooted in offering ethical and transparent funding solutions that respect your litigation as we stay compliant with industry best practices.

Clarifying Legal Funding Practices in New York: The Truth Behind the Agreement

Recently, confusion has arisen about legal funding practices in New York regarding the need to make disclosures about cash advance fees, rates, and total repayment schedules. Although this is not a mandated law, as per the New York Bar Association, the New York Attorney General’s Office issued a document on February 17, 2005 entitled ‘Assurance of Discontinuance’.

This document outlines lawsuit funding agreements in NY made with certain lenders to adopt specific practices for the benefit of consumers. These practices include complying with the Plain Language Law in contracts and detailing financial information on the front page. It also advises consumers to consult a lawyer before signing any contract; it provides a five-day window to cancel it without a penalty, and the attorney’s fees should be reasonable.

However, these agreements were voluntary and not indicative of statutory law requirements in New York. Misrepresentations of this document may lead to the false belief that such practices are legally mandated, which is not the case.

A Glimpse into New York’s Stance on Litigation Funding

In New York, third-party litigation funding is permitted, albeit with some nuances. It’s a relatively newer concept in the U.S., but its acceptance is growing. The funding service involves a third-party funder providing a non-recourse loan to a claim holder to cover expenses in exchange for a portion of the lawsuit’s proceeds. NY courts have generally protected claimant-funder disclosures and ensured that the lender’s returns aren’t seen usurious.

While there’s no direct regulation on third-party litigation funding in New York, the state has laws against champerty, which is the prohibited practice of buying lawsuits with the intent to profit from them. Nonetheless, traditional third-party funding doesn’t fall under this definition in New York.

Our analysis of personal injury trends and statistics in New York offers insight into the common challenges faced by plaintiffs. Baker Street Funding uses this data to better understand and serve the unique needs of our clients involved in NY injury lawsuits.

New York, known for its breathtaking landmarks like the Statue of Liberty, Times Square, and Central Park, is a place that captures hearts worldwide. It’s not just these famous spots that make New York special; there’s also the awe-inspiring Niagara Falls, the serene Finger Lakes, the picturesque Lake Placid, the charming Lake George, the historic Cooperstown, the iconic Empire State Building, and the poignant 9/11 Memorial and Museum. But amid this vibrancy, there’s a significant concern that often goes unnoticed: injuries.

Surprisingly, according to New York Department of Health, each year, nearly 8,000 New Yorkers lose their lives due to various injuries and they are are the leading cause of death for New Yorkers aged 1 to 34, remaining a major cause for all other age groups. 

At Baker Street Legal Funding, we provide lawsuit funding for personal injury victims in New York who are involved in civil cases. Some of the injuries we fund are:

• Traumatic brain injury
• Broken bones
• Fire and burn injuries
• Spinal cord
• Loss of limb

Reach out to Baker Street Funding to get a complimentary case review regarding New York lawsuit loans.

Car accidents in New York are a reflection of the risks that come with the fast life of this excitingt state. Factors like weather, alcohol, and distracted driving, including texting, contribute significantly to these incidents. Most car accidents in New York occur during lunch hours on weekdays, a time when the roads are busiest.

Here’s a deeper dive into the statistics:

• Motor Vehicle Traffic Injuries: They are a major public health concern in New York State. These injuries are the leading cause of injury-related deaths and the second leading cause of injury-related hospitalizations. On average, three New Yorkers lose their lives every day due to traffic-related crashes. The financial impact? $1.1 billion in hospitalization and emergency department charges annually.

• Fatalities and Crashes: New York witnesses over 30,002 fatalities from car accidents each year. Police reports indicate around 6.2 million crashes annually, leading to approximately 2.4 million injuries and an average of 90 deaths every day.

Specific Causes:

• Drinking and Driving: Approximately 30 fatalities in New York each year.
• Speeding: Accounts for about 27% of all traffic fatalities in the state, leading to over 300 deaths annually.
• Distracted Driving: Causes around 48,000 crashes in New York each year.
• Truck Accidents: Nationwide, there are 4,067 fatalities and 116,000 injuries, as reported by the NHTSA.
• Bicycle Accidents: Lead to about 3,700 ER visits and over 600 hospitalizations in New York, resulting in over 30 deaths annually.

Most dangerous roads in New York:

• Neptune Avenue in Brooklyn
• Taconic State Parkway
• Queens Boulevard in Queens
• Sunrise Highway in Suffolk County, Long Island
• Hempstead Turnpike in Nassau County
• Upper Broadway in Manhattan
• Nassau Jericho Turnpike in Nassau County, Long Island
• Niagara Falls Boulevard

These accidents can leave a lasting impact, not just physically but also financially. If you’re in the middle of a legal case due to a car accident, remember that you don’t have to struggle financially alone while you wait for your NY settlement. A personal injury lawsuit loan from Baker Street Funding could be the solution you need.

Adhering to strict ethical guidelines, Baker Street Funding emerges as a trusted name among New York lawsuit loan companies as we prioritize the best interests and well-being of our clients above all else. Our ethical stance is clear: We do not engage in referring clients to attorneys unless specifically requested by the client.

Furthermore, we strictly avoid any lawsuit funding client referrals that might be perceived as a quid-pro-quo arrangement. This ensures that any recommendations we make are genuine, unbiased, and solely in the best interest of our clients.

In addition, Baker Street Legal Funding has established relationships with skilled personal injury attorneys across New York. That said, to protect our client’s privacy and the law firms we collaborate with, we do not publicly disclose any information about our attorney recommendations. This approach maintains the safety and privacy of all parties involved.

• New York State Office of Temporary and Disability Assistance (OTDA): Provides support for individuals and families in NY.
• Supplemental Nutrition Assistance Program (SNAP): Helps eligible New Yorkers with food assistance.
• Home Energy Assistance Program (HEAP): Assists low-income New Yorkers with heating and energy costs.
• Temporary Assistance (TA): Offers temporary help for men, women, and children in need in New York.