Updated on 3/26/2024
This article helps plaintiffs and attorneys alike learn more about lawsuit loans and alternatives in New Mexico. Below you will find the following information:
Lawsuit loan companies serving New Mexico
Below you will find a list of companies that provide funding in New Mexico. We highlight lawsuit loan companies we recommend, as well as local and regional funding companies where applicable.
Recommended lawsuit loan companies funding New Mexico residents
We recommend the following companies for plaintiffs residing in New Mexico.
Our pick for low rate lawsuit loans
USClaims offers some of the lowest, non-compounding rates in the industry. Many companies claim to offer “the lowest rates in the industry” – we recommend comparing them against an offer from USClaims to see for yourself.
See our full list of recommended companies here.
Lawsuit funding laws, regulation, and relevant ethics opinions in New Mexico
New Mexico does not have laws directly relating to lawsuit lending in the state. It is likely that legal funding agreements would be struck down in New Mexico court if challenged based on case law. Lawyers are not allowed to lend to their own clients in New Mexico.
Legal funding case law in New Mexico
In Rienhardt v. Kelly the court’s opinion was that because Plaintiff Rienhardt had an interest in the assigned claim, the agreement to assign the claim was not champertous. It is likely that courts in New Mexico would strike down assignment agreements where the assignee is a third-party.
Source: Rienhardt v. Kelly
Can a lawyer lend money to a client in New Mexico?
Lawyers in New Mexico may not provide financial assistance to clients except for court costs.
Source: New Mexico Rules of Professional Conduct 16-108(e)
Lawsuit loan alternatives in New Mexico
Lawsuit loans are expensive. Plaintiffs in New Mexico should exhaust all other options before seeking legal funding. Check out the local resources below for some ideas:
- New Mexico Low Income Home Energy Assistance Program (LIHEAP) – this program provides financial assistance to minimize energy costs for heating and cooling. Eligibility requirements include an income threshold.
- Supplemental Nutrition Assistance Program (SNAP) – SNAP is a federal program available in New Mexico that gives low-income families monthly vouchers for nutritional purchases.
- Emergency Food Assistance Program (TEFAP) – TEFAP maintains food banks throughout the state of New Mexico, allowing those who meet eligibility requirements immediate access to food resources.
- Temporary Assistance for Needy Families (TANF) – families who are at or below the resource guidelines for the program can receive a monthly cash stipend to assist with costs of living.
- Rental Payment Assistance in New Mexico – this program offers help with rental costs for those who meet program requirements, including unemployment and demonstrated housing instability.