If you were seriously injured due to another party’s negligence and have a pending lawsuit, you are likely dealing with financial instability while awaiting the outcome of settlement negotiations. You may be concerned about mortgage payments, tuition, credit cards, and medical bills. Maine pre-settlement funding could be the solution.
At Mustang Funding, we are a litigation finance company focused on high-quality, transparent capital solutions for law firms and their clients. While pre-settlement funding is sometimes referred to as a lawsuit loan, that is inaccurate. It is not a loan; there are no credit checks or income verification. Instead, it is like a cash advance. Contact us today to learn more.
How Pre-settlement Funding in Maine Works
To qualify for a lawsuit funding, plaintiffs must have a pending personal injury lawsuit and legal representation. Their lawyer must agree to discuss the specifics of the case with us. After the application is filed, we evaluate the strength of the case.
If approved, you can expect to receive your money quickly, usually within 24 hours. The funds are repaid when you receive your settlement or jury award. While many people turn to pre-settlement funding in Maine to make rent payments and cover other living expenses, there are no restrictions on how you can use this money.
Maine Pre-settlement Funding Laws
In 2007, the state enacted a law regulating pre-settlement funding called the Maine Consumer Credit Code Legal Funding Practices. The legislation requires that all such contracts “must be written in a clear and coherent manner using words with common, everyday meanings” so that the plaintiff can read and understand the contract’s terms without needing professional assistance. Further, they have five business days from receiving funding to cancel the agreement.
All contracts must also be accompanied by an acknowledgment from the plaintiff’s attorney, confirming they have reviewed it. Pre-settlement funding in Maine is a non-recourse loan. We assume all the risks. You do not have to repay it if you do not receive the expected settlement or a trial does not end in your favor.
Maine Personal Injury Law
In Maine, the statute of limitations for filing a personal injury lawsuit is six years from the accident date. That is one of the longest statutes of limitations in the country. However, if the personal injury involves medical malpractice, the statute of limitations is three years from the discovery of the injury. It is crucial that plaintiffs file their case by the deadline, or they will likely lose their right to recover compensation.
Contact Mustang Funding to Learn More
Mustang Litigation Funding provides best-in-class capital solutions for law firms, plaintiffs, litigation vendors, and other legal assets. To learn more about pre-settlement funding in Maine and whether your case is eligible, please contact us today. We serve Portland, South Portland, Lewiston, Bangor, Auburn, and other areas of the state. Since 2018, we have provided more than $150 million in funds to plaintiffs and attorneys.
