Law

Boniva Lawsuit Settlement

Are You Misinformed About Boniva Lawsuit Settlement Loans?

Boniva lawsuit funding is a non-recourse, stimulus-funded lawsuit lending solution. In the past, Boniva has been known for helping their clients with pre-settlement negotiations and post-settlement negotiations. In addition to their years of experience litigating estate, personal injury and lawsuit litigation, they are also an expert at negotiating a reasonable settlement. They have literally thousands of satisfied clients to thank for their solid history of winning judgments in foreclosure or other real estate related actions. With that history, it is not surprising that many of their clients require lawsuit funding. However, with that being said, there are still some common myths surrounding this practice.

Boniva Lawsuit Settlement

Many clients are under the impression that lawyers offer lawsuit funding. While attorneys do discuss the possibility of providing funding, it is a process that has already been completed. Once a lawsuit is filed in county court, it is up to the attorneys to see if they can settle the case without help from outside sources. If they are unsuccessful at doing so, they will file a complaint in the county court, and that is when the idea of seeking funds from a private source comes into play.

Although there are several attorneys who provide funding to plaintiffs’ attorneys, most only offer funding to plaintiffs’ attorneys who agree to accept the case being placed into this class.

This means if one attorney is not successful in getting the case resolved, the other attorney’s case simply will not be paid. This type of funding is referred to as assignment financing. (In other words, the attorneys get the lawsuit money and assign it to the appropriate legal practitioner.) The purpose of assignment financing is to limit the risk to the attorney.

One myth about lawsuit loans and settlement loans is that plaintiffs are somehow cheating the bank when they obtain these funding sources.

When an attorney is trying to complete a case, they are not doling out cash piles for drinks at the bar. Attorneys are professionals who have families to feed, mortgages to pay, child support to pay, and countless other responsibilities. Many of them cannot afford to lose a case, no matter what the cost. The only people who can benefit from taking on too many cases are attorneys who work in the extremely elite fields of law firms or the very wealthy.

Plaintiffs who receive lawsuit funding are simply trying to fulfill their obligations.

They have the same right to bring suit as any individual. Attorneys do not have a case load to pay off; therefore, they do not receive a Boniva lawsuit loan to pay their own preliminary or post-settlement tasks. As an attorney who is juggling multiple cases, there is no advantage to accepting such funding.

Another myth is that plaintiffs are using the funding to “buy time.” Lawsuit loans and settlements are non-recourse funding. That means that if the case does not win, the attorney receives none of the funding. Some attorneys believe that plaintiffs should be required to repay the monies received from such funding, although it is unlikely that attorneys will be asked to repay such funding. Again, it is unlikely that attorneys will be asked to repay monies received from third-party vendors.

Finally, some attorneys argue that plaintiffs’ failure to accept an advance does not affect their case.

This argument is fallacious because, first, there is no loan required; and, second, there is no requirement that the attorney accept the case unless he receives a case load. There is nothing whatsoever to prevent an attorney from accepting a case that he does not believe he can win. Similarly, there is nothing at all preventing a plaintiff from accepting funding to pursue frivolous lawsuits. Neither scenario impacts the attorney’s ability to perform his duties as an attorney.

The reality is that there are a number of myths out there about lawsuit funding. Plaintiffs should be wary of any attorney who tells them that they cannot receive a lawsuit settlement if they do not accept the funding. If the attorney does accept such funding, the plaintiff simply must pay attorney fees. Nothing could be further from the truth.

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