NAVIGATING UNFORESEEN HARDSHIPS IN A CASE My Insurance Is Bankrupt!
Meet the ‘Financial Feminist’ Tori Dunlap Helps Women Save
Several years ago, a client of ours was a passenger in a car accident, and though she had already had a history of injuries including receipt of disability benefits, her accident worsened her preexisting conditions. When a person has preexisting injuries, it is often important to obtain old medical records and compare them to post accident medical records. In the early part of this case, we wanted to position it to maximize the client’s recovery in as quickly a manner as possible, especially considering the extra medical records that needed to be reviewed, and knowing this was a case we probably needed to take to the trial calendar before we could fairly resolve.
A woman stands in front of a camera. She says, “I will have over $30 million by the time I retire, and I’m only 27. Let’s talk.”
Would you watch the rest of that video? If so, you might want to join the many people who already follow Tori Dunlap ( @herfirsk100k ) on Instagram and TikTok. By age 25, Dunlap had saved $100,000 thanks to financial advice from her parents — and she turned that process into a business. She launched Her First 100K, a financial coaching service for women, and became a viral success on social media. The Guardian newspaper calls her “the TikTok feminist saving people from debt” and Forbes puts her at the center of the “FinTok” (Financial TikTok) movement. She’s been featured on the “Today Show,” Business Insider, TIME, and BuzzFeed since launching her business in 2019. So, what is she doing right? 1. She knows her demographic . Dunlap talks directly to people just like her: millennial and Gen Z women fighting an uphill battle against the patriarchy and suggestions that deprivation is the only way to save. “I’m never going to shame people for their oat milk lattes or blame their brunch habits for not being able to buy a home,” Dunlap told Forbes. Targeting such a specific demographic is a smart strategy because she can tailor her message and marketing dollars just for them. 2. She’s social media savvy. Dunlap jumped on TikTok early, and she plays the algorithm game on both TikTok and Instagram well. By using reels, trending soundtracks, and humor, she makes her social media presence “engaging, entertaining, and actionable,” as she put it to Forbes. 3. She’s not afraid to get personal. On her podcast “Financial Feminist,” Dunlap shares details about her childhood and opens up about her own struggles with money and sexism. This transparency helps convince her fans that she’s the real deal, and because she feels like a friend, they stick around and use her services long term.
Then, one of the two car insurance companies involved went “bankrupt.”
Although New York State provides a Liquidation Bureau for these kinds of situations and steps in for the bankrupt insurance company, there is typically a one year pause before you can do anything about it. So, we waited. Then immediately after we resumed with the case, COVID-19 hit. Suddenly, the courts were closed, and while we could resolve other cases that didn’t need a trial, cases like this one ended up stuck in limbo as no trials were being scheduled. Finally, in 2022, we received a trial date, which helped us get to a mediation, where the defense would finally have to decide, will they risk a large verdict, or try to settle the case. At mediation, we were able to negotiate from zero dollars up to $750,000, leaving us with a tough decision. After four surgeries and years of waiting, our client agreed to wait a little bit longer, walking away from the guaranteed money in the moment with the hope that a better deal might be reached, and the possibility that if a deal is not reached, that we will go to trial. As of this writing, we are finalizing trial preparations, waiting to see if a deal that works for everyone can be reached. It is rare for cases to take more than a few years, and many cases can be resolved within the first year, but at times, a curveball is thrown out of our control and it is necessary to set expectations of a long journey ahead. Having these conversations may be crucial for maintaining morale to know that there is a light at the end of the tunnel, even in those rare cases that get stuck with a bankrupt insurance company like this one did. Many factors affect the time it takes to receive payment for injuries following the negligence of another. What is the coverage? What are the injuries? Are there prior injuries? Who was negligent? Every case may have a slightly different process, but rest assured the team at Friedman & Simon has seen it all and will walk our clients through what to expect. If you ever have concerns about the timeline of your case, don’t hesitate to give us a call. We’d be happy to update you and answer every question and concern you may have!
To learn more about what makes Dunlap tick, visit HerFirst100k.com.
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