Wrongful Death Lawsuits and Pre-Settlement Loans Information
Wrongful death lawsuits and their loans are similar to injury and medical lawsuit, but the victim isn’t around to collect the settlement or sue for themselves. Wrongful death lawsuits can bring some pretty hefty settlement payments when they are valid and brought to the court at the right time.
This is a type of lawsuit that can work with or without lawyers. In case of wrongful death, a representative or next of kin can file a lawsuit on their behalf. The rules regarding which family members may file a lawsuit differ from state to state but generally, spouses and children are eligible.
What Can Be Considered A Wrongful Death?
Before seeking a loan on a wrongful death lawsuit settlement, let us take a look at what wrongful death is. Wrongful death occurs when a person dies due to another person’s negligence or misconduct.
This can be due to a car accident, criminal activity, medical malpractice, defective products, and many other reasons. If a person died due to an accident that could be avoided or a personal injury caused by another party that led to death, there are grounds for a lawsuit. When someone dies as a result of an accident, many want to sue for damages, but not all deaths are wrongful.
The best way to see whether you have grounds to file a wrongful death lawsuit is to consult a lawyer and discuss it.
Wrongful Death Versus Survival Action
A wrongful death lawsuit is one of the options when someone dies and the grieving family wants to sue. The other option is survival action. This is a less-known option that is slightly different from a wrongful death lawsuit.
Survival action allows the surviving beneficiaries to receive the damages that the deceased would have claimed if they survived. This means that in wrongful death, the death itself is the source of the settlement while in a survival action, the settlement is based on what the victim would have received if they didn’t die.
The difference here is literally life and death and it can make a big difference in the amount of the settlement offered after a lawsuit has been filed.
Who Can Sue For Wrongful Death And Get A Pre-Settlement Loan
As mentioned before, the family or next of kin of a victim can bring forth a wrongful death lawsuit. However, exactly who is eligible to file such a lawsuit varies from state to state. As previously mentioned, spouses and children are generally entitled to this option, but parents can file too if the deceased was unmarried. In some cases, even grandparents can file a wrongful death lawsuit or a survival action.
A wrongful death lawsuit can be filed immediately or after a while. Given that wrongful death lawsuits can take years to advance, settling out of court is much faster. In either situation, a pre-settlement lawsuit loan can help the plaintiffs with their various while they’re waiting for the settlement money.
The circumstances in which the person died will greatly affect the duration of the process and whether a pre-settlement loan is a good idea for them. In wrongful deaths, loans can be given on the expected settlement amount (as per previous similar lawsuits).
It is difficult enough for the surviving family members to adjust to life without their loved one even without the financial problems that are typically associated with lawsuits. A loan can take at least some of the burden away and allow the family to peacefully grieve and continue their legal fight.
How Much Can Be Obtained From A Wrongful Death Lawsuit
When it comes to wrongful death lawsuits, there is no average settlement amount as each case is different. There are many factors that influence this decision such as the type of accident, earning potential of the deceased, burial expenses, future financial support, intangible losses, insurance policy limits of the party being sued, etc.
Each case is unique and that is why it is impossible to determine the average amount.
The only thing we can safely is that the numbers are usually in millions.
When it comes to taxation of wrongful death settlements, these are typically non-taxable according to the IRS. In fact, awards for any injury and physical illness are not subject to taxes.
Wrongful death lawsuits can result in large payments at the end of a lengthy trial or from a settlement out of court. As the legal process tends to be quite long, plaintiffs usually require some financial help covering their expenses. These often include burial costs among others.
The Loan Process Doesn’t Have To Be Difficult
At least one thing is not difficult in all of this and that is applying for a lawsuit loan with us. If you’re in need of some extra cash to get you through this difficult period, apply for a loan at
Rapid Lawsuit Funding.