Plaintiffs in personal injury cases often times are unable to work due to injuries and face high medical bills, making lawsuit funding incredibly helpful.
While negligence can be due to a defective product, medical malpractice, slip and fall accident, or dangerous products, the most common cause is an auto accident. When a personal injury occurs, first seek medical attention. Then, it is important to gather as much information applicable to your accident as possible, such as the names and contact information of any witnesses and photos of the accident scene. You should also retain all medical records and expenses. Although an insurance company will determine the amount of compensation in accordance with a “formula”, it quite possibly will not be enough to compensate you adequately for your loss. You should contact an experienced attorney who can evaluate your claim and explain your rights.
The cost of being involved in a personal injury lawsuit can be financially devastating for plaintiffs especially if the case takes months, even years to settle. Often, plaintiffs are unable to work making it difficult to pay even basic living expenses, such as groceries, mortgage, and car payments, let alone expenses associated with the accident, such as medical bills. One way plaintiffs can cover expenses and ultimately receive a more favorable settlement is through lawsuit funding.
The main focus of a lawsuit funding company is to provide strategic cash advances to cash-strapped plaintiffs, who, through no fault of their own, find their physical and financial lives turned upside down by an injury accident. This type of funding is NOT a loan, but rather a non-recourse cash advance, meaning the plaintiff repays the advance, plus fees, if and when the case is successfully settled. If the plaintiff loses the case, the funding is completely waived; the plaintiff owes absolutely nothing and keeps the advance. No loan company would make that guarantee. Other benefits of a lawsuit cash advance is that there are no credit checks or proof of employment required because approval for a cash advance is based solely on the strength of the lawsuit. It is important to note that due to the high cost of this type of funding, any decision to accept an advance should be made very carefully. Lawsuit funding should be used only when a plaintiff is having difficulty managing his financial obligations while the lawsuit is in progress. It should be obtained for the least amount needed, not for any amount the plaintiff desires.
If you are a plaintiff facing a loss of income and/or high medical bills, a legal finance company may be able to provide emergency cash funds to cover necessary expenses while the litigation proceeds. To find out if your case qualifies for lawsuit funding, call or visit us online for a If you no-obligation evaluation of your case funding situation.