Are you a resident of New Mexico with a personal injury lawsuit pending?
Facing a lengthy personal injury lawsuit is often unexpected and you run the risk of facing significant financial strain. At Nova Legal Funding, we provide lawsuit funding in New Mexico for citizens with a pending personal injury lawsuit.
The majority of plaintiffs facing a personal injury legal battle in New Mexico will need financial assistance for the duration of the case. These lawsuits often take up most of an average income, leaving you unable to afford basic needs like rent, mortgage, and food. Taking extra holiday days from work to appear in court, or even to allow yourself to fully recover from any injuries, can add further financial pressure. Insurance companies have been known to play on this, and purposely slow down the settlement process, forcing clients to accept a lower fee.
Our lawsuit funding allows you to continue with your daily life for the duration of the legal battle, without worrying about your funding. New Mexico plaintiffs are not required to pay anything back if they lose the case, meaning they are taking no risks by applying for lawsuit funding.
You can start the pre-settlement funding process at any time during your lawsuit. Nova Legal Funding is available to provide fast and simple lawsuit funding, giving you and your attorney the space and time needed to negotiate the settlement you deserve.
Laws and Regulations of Lawsuit Funding in New Mexico
Important New Mexico Legal Information
| Avg. Funding per case from Nova Legal Funding | Nova can fund anywhere from $500 up to $2,500,000 depending on case value. |
| Fault Laws | Pure Comparative Fault Plaintiff’s negligence will reduce the right to recovery, but it will not bar that right. Scott v. Rizzo, 634 P.2d 1234 (N.M. 1981). |
| Statute of Limitations | 3 years Ch. 37, Art. 1, Sec. 37-1-8 |
| Minimum policy limits for bodily injury & property damage | $25,000 bodily injury liability per person $50,000 bodily injury liability per accident $10,000 property damage liability per accident |
| Minimum UIM auto insurance limits | Liability: 25/50/10 |
| Workers compensation eligibility | Not Eligible |
In New Mexico, businesses with at least three employees are required to pay compensation to any worker who suffered an injury on the job. Employers must carry workers’ compensation insurance, but exceptions apply for household servants and for businesses whose employees are covered by federal programs, such as the Federal Employees’ Compensation Act.
You will be ineligible for financial support from Nova Legal Funding if you have already applied for a loan elsewhere for the same case.
New Mexico Personal Injury Law: How Does it Affect Legal Funding?
New Mexico’s judicial system works under a pure comparative fault rule, which means that a plaintiff’s negligence will affect the amount of compensation owed. If you, as a plaintiff, are found to be 10% at fault in an accident where the total damages are $1,000, you can only recover $900.
Under New Mexico’s statute of limitations, as a claimant, you have three years to bring your case to court after sustaining an injury. If you fail to file the case within this time frame, there is a very high chance the court will refuse to hear the case and compensation will not be granted. This countdown typically starts from the date of the accident, however, in rare cases, symptoms may not appear until much later, which restarts the time limit. If you don’t have sufficient evidence proving that the symptoms appeared at a later date, and fail to file a claim within the three years, there is a very high chance the courts will still refuse to hear your case.
New Mexico is a “fault” or “at-fault” state for car insurance and accidents. This gives you the choice to file a case in court to prove fault and seek compensation, or you can file a claim with your own insurer, or the other driver’s policy.
Some states have a cap on the amount you could be owed in damages for personal injury lawsuits. These caps limit non-economic damages or damages in cases like medical malpractice. New Mexico caps damages for medical malpractice cases at $600,000, however, this does not include punitive damages or costs for past and future medical care.
Notable Personal Injury Lawyers in New Mexico
There are a number of skilled personal injury lawyers based in New Mexico who would be glad to take on your case:
Ron Bell Injury Lawyers
610 7th St NW, Alburquerque, NM 87102
Samuel I. Kane
1018 E Amador Ave, Las Cruces, NM 88001
Goodwin Law Office
1201 Rio Rancho Blvd SE Suite D, Rio Rancho, NM 87124
Szantho Law Firm
210 Montezuma Ave #200, Santa Fe, NM 87501
Sanders Law Firm
5212, 701 W Country Club Rd, Roswell, NM 88201
Arlon L Stoker Atty
2713 E 20th St, Farmington, NM 87402
Car Accident and Fatality Statistics in New Mexico
According to recent reports, there were 591 fatal crashes in New Mexico in 2017, causing 624 traffic-related deaths that same year. While this isn’t the highest number of fatal crashes in the US, New Mexico has one of the highest pedestrian fatality rates in America. According to the New Mexico Department of Transportation, there were over 80 pedestrian fatalities in 2018—the highest in decades.
Here at Nova Legal Funding, we offer pre-settlement funding for residents of New Mexico caught up in a personal injury lawsuit from a car accident. The most common cases we cover are:
- Pedestrian accident
- Car accident lawsuit loans
- Tractor trailer accident (truck accident)
- Bus accident
- Bicycle accident
- Motorcycle accident
Contact our team today and let us analyze your case for free, and see how much lawsuit funding you could be eligible for.
New Mexico Lawsuit Funding FAQs
How do I know if I qualify for lawsuit funding in New Mexico?
If you’ve suffered a personal injury that wasn’t your fault, you automatically qualify for a pre-settlement loan. As a general rule to follow, if the accident occurred in New Mexico and caused you significant injuries, you are eligible for a quick and free application.
Is it a lawsuit loan or cash advance?
Often referred to as a loan, the funding we offer at Nova Legal Funding is actually an advance against the eventual settlement you receive. It’s important to note that this advance is non-recourse, which means you are under no obligation to pay back the money if you lose the case. We only collect the loan if you win your case or obtain a settlement.
Does it matter how I spend the lawsuit funding?
Pre-settlement funding is available to those who need financial support during a personal injury lawsuit. However, there is no limitation on how you spend the cash advance. Some plaintiffs in New Mexico use the funding to pay off previous debts, cover the cost of rent or mortgage, afford medical bills, or simply the cost of general living expenses.
Apply For Pre-Settlement Funding in New Mexico Now
At Nova Legal Funding, we have the experience and skills to offer legal funding to your case in New Mexico. Our team of professionals is available at any time to serve personal injury plaintiffs. Contact our team today for a free evaluation of your case, and to find out more about the benefits of a lawsuit loan in New Mexico.
Call us toll-free at 800-760-0704 to speak with a friendly funding specialist today.