Hurricane Ida Victims Have Until August 29th 2023 to File A Lawsuit in Louisiana
On August 29th of 2023, it will have been two years since Hurricane Ida came ashore in Louisiana, causing flooding, wind damage, and massive destruction. The statute of limitations in Louisiana for filing a lawsuit for property damage is two years from the day the damage occurred. This means that in Louisiana, business owners and residents have only two years from the date damage happened to file a lawsuit in the State of Louisiana.
Many property owners tend to think that if a few months have passed, it is too late to file a claim or file a lawsuit to receive compensation for damages, but that isn’t true. Commercial and residential property owners have two years from the date of damage to file a claim or lawsuit for property damage in the State of Louisiana.
When did Hurricane Ida make landfall in Louisiana?
On August 29, 2021 – on the 16th anniversary of Hurricane Katrina, Hurricane Ida made landfall near Port Fourchon, Louisiana as a Category 4 hurricane, devastating the town of Grand Isle and the entire area surrounding it. Hurricane Ida was the second most destructive hurricane in Louisiana history, just behind Hurricane Katrina, which made landfall in Louisiana exactly sixteen years earlier.
Hurricane Ida was so destructive in fact, that the name Ida has been retired from ever being used to name Atlantic Storms in the future. There will never again be another Hurricane Ida, guaranteeing people remember the last time Hurricane Ida made landfall in the United States.
How long do I have to file a lawsuit for property damage caused by Hurricane Ida if I live in Louisiana?
Property owners, homeowners, and commercial, who sustained damage from Hurricane Ida have until August 29th of 2023 to file a lawsuit. After this time, the statute of limitations will have passed, and no more first-party lawsuits will be allowed to move forward.
This means that if you sustained property damage, it is not too late to file a lawsuit and get compensation for your property damage if you live in Louisiana.
What is the Louisiana Statute of Limitations on Property Damage?
The statute reads:
FEMA is Still Supporting Many of the Parishes South of Interstate 10 and Some of the Area North of Lake Pontchartrain
As of 2023, there is still a lot going on in the aftermath of Hurricane Ida. As an example, FEMA just approved a six-month extension of its Direct Housing program for eligible Hurricane Ida survivors, following an extension request from the Louisiana Governor’s Office of Homeland Security and Emergency Preparedness (GOHSEP).
On Oct. 20, 2022, FEMA approved a six-month extension, authorizing the Direct Housing program through Aug. 29, 2023, in the following parishes: Jefferson, Lafourche, Livingston, Plaquemines, St. Charles, St. Helena, St. James, St. John the Baptist, Tangipahoa, Terrebonne.
These parishes make up most of the landmass south of Interstate 10 and were some of the hardest hit areas in Louisiana.
Source: https://www.fema.gov/press-release/20221026/fema-extends-hurricane-ida-direct-housing-program
What if I Can’t Afford to Hire a Lawyer for my Hurricane Ida Lawsuit?
The truth is you probably CAN afford to hire an attorney for your Hurricane Ida property damage lawsuit.
This is because attorneys who take these types of cases often work on what is called a Contingency Fee Basis. This means that they don’t get paid upfront for taking on your case and they don’t get paid at all if they don’t win your case. Instead, they get a percentage of whatever money they win for you and don’t get paid until the defendant pays.
So don’t think you can’t afford to hire an attorney for your Hurricane Ida Property claim. Chances are you can find a great attorney who has helped many clients with their Hurricane Ida claims already and is very familiar with how to win these types of settlements for their clients.
Do I Have to Hire A Lawyer From My Own Parish or Area to File a Hurricane Ida Lawsuit in Louisiana?
You do not. Although you do need to hire a lawyer who is licensed by the Louisiana Bar Association to practice law in the State of Louisiana, you can hire your attorney from anywhere in the state. It isn’t uncommon for lawyers in New Orleans to handle cases in Shreveport or Monroe. And many lawyers whose offices are in Lafayette, also bring cases in New Orleans and Baton Rouge. Lawyers travel – so get yourself a good one!
So if you don’t feel there is a local attorney who specializes in Hurricane Ida Claims, or who doesn’t specialize in handling insurance lawsuits, you can get a lawyer from anywhere in the State of Louisiana and they can handle your case for you
How Long Does it Take To Get Paid After a Lawsuit is Over?
The answer is – it depends. Some insurance settlements are paid by the defendant in as little as six to eight weeks. Sometimes it is longer. It depends upon the size of the case, the defendant’s negotiations to make payments, and more.
But – there is a great way to get some of your money right away by taking out an advance on your Hurricane Ida Property Damage settlement once your case concludes. It is called a post-settlement advance. Basically, you sell part of your settlement to a Post Settlement Funding company like Balanced Bridge Funding for a discount. You get some of your money right away and the third-party legal funding company gets paid when the defendant finally pays what they owe. Your attorney will send the payment directly. How simple is that?
How Does Post Settlement Funding for Plaintiffs Work?
Let us explain how a settlement advance works.
- Plaintiff has settlement in a case but will experience some delay before their award is distributed to them.
- Plaintiff applies for a settlement advance with Balanced Bridge Funding.
- Balanced Bridge examines the case. A determination is made on how much of the fee Balanced Bridge will purchase and how much will be advanced to the plaintiff
- Balanced Bridge discusses the funding terms with the plaintiff and provides them with the agreement to review and sign.
- Once that is completed, Balanced Bridge wires the advance directly to a bank account specified by the plaintiff
This process is often completed in a day or two but can take longer.
Once the fee is distributed, Balanced Bridge is sent its portion of the fee.
Is Post Settlement Funding A Loan?
Post settlement funding is not a loan. When you receive a post settlement advance, the legal funding company does not loan you money. The money you are owed from a lawsuit is considered an asset (like a stock or bond). And just like any other asset you own (like a stock, bond, or your car or house); you can sell it to someone else for an agreed price.
Using the example from the infographic above, this person agreed to sell $50,000 of their lawsuit settlement for the price of $45,000. The settlement advance company now OWNS the right to $50,000 of the lawsuit settlement and will receive their money directly from the settlement. They bought the asset for $45,000 and will receive $50,000 from the settlement attorney of record when the settlement is paid, earning the legal funding company $5,000.
Who Pays the Settlement Advance Company Back?
The post settlement advance company is paid directly by the attorney of record for the case. Remember, this isn’t a loan. There aren’t payments to make. The post settlement advance company is purchasing this asset from you, and then they own it. The post settlement funding advance company notifies the attorney of record and when the lawsuit settlement pays out, the attorney of record will pay the legal funding company directly by ACH.
What Can I Spend my Post Settlement Advance on?
This is the best part – you can spend that money on anything you want. It is your money. It’s not a loan like a bank loan that must be spent on a specific thing listed on the loan application. You can fix any property damage that has been done, or you can pocket the money, buy a car, relocate, or go on vacation. It’s entirely up to you!
Learn More About Post Settlement Advances
Does the Post Settlement Advance Company Have to Be from Louisiana?
They do not. Legal funding companies like Balanced Bridge Funding fund lawsuits and settlements across the United States. This allows you to work with a reputable company that has been in the legal funding industry for a long time and knows the ins and outs of providing post-settlement cash advances for plaintiffs.
I’m a Lawyer. Can I Use Post Settlement Funding for Hurricane Ida Lawsuits?
You can. Balanced Bridge Funding specializes in post settlement funding for lawyers. If you’ve settled cases or won judgments for your clients for Hurricane Ida lawsuits, and you are waiting to get paid by the defendant, you can get a cash advance on lawsuits for attorneys from a legal funding company like Balanced Bridge Funding.
To learn more about Post Settlement Funding for Attorneys – Visit our Post Settlement Funding for Attorneys Page.
Summary
As of August 29th, 2023, it will have been two years since Hurricane Ida devastated the Louisiana Coastline. Property owners, homeowners, and commercial, who sustained damage from Hurricane Ida have until August 29th of 2023 to file a lawsuit. After this time, the statute of limitations will have passed, and no more first-party lawsuits will be allowed to move forward.
This means that if you sustained property damage, it is not too late to file a lawsuit and get compensation for your property damage if you live in Louisiana. But don’t wait. The clock is ticking.
Don’t avoid filing a claim or lawsuit because you are afraid you can’t afford to hire an attorney. Many attorneys work on a contingency fee basis, meaning there is no cost to you upfront, and your lawyer only gets paid if they win a settlement award for you.
And lastly, it can take 6-8 weeks or sometimes months to get your money once a lawsuit settles or concludes. But you can get some of your money right away by taking out a post-settlement cash advance with a third party legal funding company like Balanced Bridge Funding. Plus – you can spend that money on whatever you want. It’s easy to apply, and once approved, you get your money fast.
About the Authors
Balanced Bridge Funding offers legal funding solutions for plaintiffs, plaintiff attorneys, attorneys, and law firms. To talk to one of our legal funding specialists about getting help managing your law firm cash flow, please call (267) 457-4540 or email: info@balancedbridge.com
