Wildfires erupted on the Hawaiian island of Maui on August 8, 2023 and quickly became the deadliest natural disaster in state history. The three wildfires, the Lahaina fire, the Olinda fire, and the Kula fire were still burning as of August 28, 2023 – containment was at 90%, 85%, and 90%, respectively. So far, over 3,300 acres have been scorched due to these fires.
According to officials, the wildfires were able to ravage the island due to high winds and drought conditions. Thousands of buildings burned to the ground, including residential buildings and commercial buildings.
Initial reports showed that 388 people were unaccounted for. So far, 115 people have been declared dead; authorities are still working on identifying victims. Officials have stopped searching for victims in the debris on land; now, they have started searching the water. They have stated that they do not expect the death toll to rise significantly.
The Lahaina fire specifically displaced approximately 6,000 people, about half of the city’s population.
Many of those who were affected by the fires will have grounds to file different types of claims, including claims against their renter’s insurance, homeowner’s insurance, private property owners, and even the government (as there have been allegations that the emergency alarm system did not function as it should have).
Whatever the specific case, the fact is that many of the affected parties will be eligible to payouts. However, it can take months and even years for cases to reach a settlement and for claimants to get their payouts. The truth is that most of those affected simply cannot wait that long; they need to find housing, feed their families, deal with medical bills and property damage, and find jobs to earn income to pay for everyday costs. Some even have to struggle to figure out how to put their loved ones to rest after losing them to the fires.
For those who are facing financial instability but are likely to get a large settlement once their claims settles, a lawsuit loan can be a good decision.
Our Recent Verdicts and Settlements
$22 Million
$2.25 Million
$1.5 Million
$1.1 Million
$734,851
$2.3 Million
What is a Lawsuit Loan?
Many people do not know about lawsuit loans and do not know that they have this option. A lawsuit loan is an advance payout of your case settlement. It is essentially a loan on your settlement. It is an option to be able to access your funds upfront. Getting a lawsuit loan can be a good option for claimants who simply cannot afford to wait for their claims to settle to access their funds.
Can I Get a Cash Advance on My Case?
Yes – you could potentially be eligible for a cash advance on your case. Of course, you must also have a valid claim that is eligible for compensation. As mentioned above, lawsuit loans borrow against your settlement; therefore, legal funding or loans are only an option for those with cases projected to reach a settlement.
Below, we will summarize how lawsuit loans work.
First and foremost, you must have a valid case. Before applying to a lawsuit loan, you must have an active case with a legal team. Once you make the decision of applying for a lawsuit loan, you must choose the legal funding company that best suits your needs. You can ask your legal team for recommendations, as sometimes they have companies that they work with. Some legal teams actually offer legal funding in-house. Next, your case needs to be thoroughly evaluated. The team in charge of lending will go over your case file to determine the estimated value of your claim and whether there is a strong case. Finally, they will make a decision and either approve or deny your loan. If your loan is ultimately approved, you will be able to access the funds soon after (usually the very next day). Of course, you will need to sign the loan agreement; we recommend that you review the terms of the loan and fully understand everything before you sign the loan agreement.
How Much Can I Get from a Lawsuit Loan or from Lawsuit Funding?
This will depend on a number of things, including the projected value of your claim and the specific amount that you are interested in requesting. It is important to note that a lawsuit loan is an advance on a projected settlement, so the settlement must be enough to cover attorney’s fees, other legal costs, medical costs, and other costs associated with the case. Because of this, you cannot get a lawsuit loan for the entire projected settlement.
For example, if your lawsuit is projected to settle for $100,000, you will not be able to get a loan for the full $100,000. However, a loan for $25,000 to $30,000 might be easily approved. This is because the final settlement would be enough to repay the loan and cover all other costs, as mentioned above.
For more information about the type of loan that you could get against your Maui fire settlement, contact the experts here at our office today.
Will I Have to Pay Interest on My Lawsuit Loan?
Yes – you will have to pay interest on your lawsuit loan. The specific interest rate that applies to your lawsuit loan will depend on the terms of your loan and what you agree to. In general, lawsuit loans have low interest rates (between 2% and 5%, for example). Still, the interest adds up and claimants could end up paying a significant chunk in just interest. To ensure that you know exactly how much interest you will be charged on your lawsuit loan, review the terms of the loan.
About Paying Back a Lawsuit Loan
The way lawsuit works, repayment on the loan will occur automatically when your case settles. Your settlement will first cover any legal fees, including court fees, processing fees, attorneys fee, any liens, including medical liens, and more. Then, the lawsuit loan plus all interest will be paid off. You will then receive the remaining funds from the settlement. Because of this, the settlement check that you ultimately receive will already be reduced significantly (since a lawsuit loan is an advance on this settlement).
What if my lawsuit is unsuccessful? Will I be stuck paying off the lawsuit loan? This is a very important question. However, in most cases, clients that apply for lawsuit loans will not have to pay anything back if their claims are unsuccessful. This is because the lender accepts all risk for the loan (which explains why cases must first be thoroughly evaluated before the loan gets approved).
For more specific details about repaying a lawsuit loan, we encourage claimants to review their loan agreement and familiarize themselves with the terms of their loan.
Contact the Normandie Law Firm about a getting a Lawsuit Loan
The fires have affected thousands of people on Maui. Here at our law firm, we understand that that survivors may be facing significant difficulties, including financial difficulties, after the fires. Depending on each person’s specific situation, a lawsuit loan might be a good option. A lawsuit loan could be necessary to provide you and your family with some stability.
When you apply for a lawsuit loan with our funding team, your loan will be risk-free. This means that we assume all risk, so you will not have to repay the loan if your case is ultimately not successful. If you would like to continue to discuss the options available to you with the experts here at Normandie, contact us today.
We are ready to help you every step of the way.
Other Pages on Our Website Related to This Topic
Hawaii Wildfires Accident Injury Lawsuit Attorney
