Life can throw a curve ball and sometimes an expensive one. What if someone was injured in an auto accident or slip and fall, or a loved one died due to a doctor’s negligence? When this happens, people may be forced to drain their savings or take out a loan just to pay the bills. While there are cases in which a settlement is paid quickly (probably, a settlement that significantly benefits the insurance company; it won’t pay early, otherwise), many claims will take months, even years. The reasons are varied, but the bottom line is that delayed claim resolution often leaves plaintiffs financially strapped. Unfortunately, plaintiffs can’t go to the bank and ask for a loan if they are seriously injured or lost their job. For those facing foreclosure or simply unable to pay the medical bills or put food on the table, lawsuit funding may be the perfect solution.
When considering a lawsuit cash advance, plaintiffs need to understand that lawsuit funding should be no different than a bank loan; use it only if you really need it. Funding should not be wasted on frivolous items or just to have cash on hand, but rather for emergencies and necessary living expenses. Prior to applying for lawsuit funding, plaintiffs should first consider their financial position; if not faced with dire financial circumstances or other resources to tap into, the plaintiff is not an appropriate funding candidate.
Mark Bello, President and CEO of Lawsuit Financial, says he will not let clients over-fund. His firm works directly with the plaintiff’s attorney to make a realistic estimate of the case value, the client’s needs, and the timing of the cash advance. Mr. Bello says the following factors should be considered before pursuing lawsuit funding.
1. Does the client seem more concerned about financial issues than he/she is about his accident, injuries, and receiving full compensation?
2. Is the client faced with increasing financial issues such as eviction, foreclosure, repossession of his/her vehicle?
3. Is the client unable to put food on the table, pay for medical treatment/expenses or other necessities of life?
4. Does the client need surgery/medical procedures that s/he has no insurance for and cannot otherwise afford?
5. Is the client seriously considering settling his/her valuable case for inadequate compensation?
By eliminating financial desperation, there is a greater potential for achieving substantially improved case results.
Anyone unwilling to settle for less than what their case is worth, but are not in a financial position to move ahead with the litigation process should consult a legal funding expert to learn the “real value” of lawsuit funding.