New Mexico Lawsuit Loans

Exploring Lawsuit Loans in New Mexico

When facing a lawsuit, financial strain is often an unwanted extra stress. It can make an already tough situation even tougher. That’s where lawsuit loans come in – and in New Mexico, there are a few things you need to know.

In New Mexico, lawsuit loans provide financial support to plaintiffs during their legal cases. The aim of these loans is to help individuals cover any immediate costs while they wait for the settlement. These costs can include everything from rent or mortgage payments to medical bills and other living expenses. This way, you don’t have to settle for less than what your lawsuit is worth simply because you need cash in hand.

While these loans can be a lifeline for many, it’s essential to understand the terms and conditions associated with them fully. Uplift Legal Funding is here to ensure that everything is clear, open, and above board. You always know what you’re getting into before committing to anything.

New Mexico Personal Injury Statistics

New Mexico has a yearly injury death rate of 94.7 per 100,000. This places New Mexico substantially higher than the national average of 60.1, by about 57.7%.

New Mexico residents drive an estimated total of 27 billion miles yearly, which means that the average resident drives about 13,158 miles per year. To compare, that’s 36.6% higher than the national average of 9,630 miles per year. Aside from miles driven, local seatbelt use and drunk driving habits play a large part in the car accident death rate.

In New Mexico, residents are pretty good when it comes to buckling up, reporting a usage rate of 91.0%. The drinking rate in New Mexico, measured as the percent of people who reported drinking too much before driving in the prior month, is 35.1% lower than the national average of 1.8% at 1.2%.

Partly because of these factors, New Mexico’s car accident fatality rate is 14.3. This compares unfavorably to the US national average of 10.9 and costs the state $433 million yearly.

New Mexico Lawsuit Funding Cheat Sheet

According to Ch. 37, Art. 1, Sec. 37-1-8; the statute of limitations for personal injury cases in New Mexico is 3 years. This means that you may lose the right to sue if you do not file your legal claim within that time-frame. Different states follow slightly differing comparative negligence statutes. In New Mexico, the guideline is pure comparative fault. Basically, this means that plaintiff negligence will reduce but not exclude recovery – Scott v. Rizzo, 634 P.2d 1234 (N.M. 1981). Often, for legal funding requests early-on in a case, companies providing lawsuit loans in New Mexico must assume state minimum policy limits of:

• $25,000 bodily injury liability per person
• $50,000 bodily injury liability per accident
• $50,000 liability for death per person
• $100,000 liability for death per accident
• $10,000 property damage liability per accident
• $50,000 personal injury protection

Regulation of Lawsuit Loans in New Mexico

New Mexico has no laws against champerty on the books. Most funding companies service New Mexico and lawsuit loans are readily available. Nevertheless, reputable companies should follow best-practice disclosure guidelines regardless of the plaintiff’s state of residence.

Lawsuit Loans from Uplift Legal Funding

Uplift provides funding to injured residents of New Mexico If you have any questions, or are interested in legal funding, apply online today or give us a call at (800) 385-3660.

Does Uplift Legal Funding Directly Fund Cases in New Mexico?

Uplift Legal Funding operates as a direct funder in many states. However, in New Mexico, we act as a broker and originate funding requests to a select group of funding partners.