Short on cash and need to file a lawsuit? Lawsuit funding may be the answer. If you have been injured because of the actions of another person, circumstances at work, or the negligence of a nursing home, you want the compensation you deserve. Many people don’t pursue this because of their financial situation.
Pre-settlement funding is an option that many people don’t know exists. An alarming amount of people have not filed a lawsuit because they didn’t have the money to pay household bills, medical expenses and attorney fees. There are many terms for this type of ‘cash advance’, including lawsuit loans and settlement loans. While the name implies that this is a loan, it is not.
Lawsuit funding is done by companies who provide this service. These companies provide you with the money you need, either in one lump sum in the early stages, or smaller payments throughout the duration of your case. The amount you owe the litigation financing company will be determined at the time you receive your cash advance. When your case is settled, you then pay the set amount back to the company. If you do happen to lose your case, you owe the lawsuit funding company nothing.
How do you qualify for this money? When you contact a company concerning pre-settlement funding, they will want information and documentation from you about your case. They will then review the information to determine if your case merits an advance. This is usually a very quick process.
Often, lawsuits are stretched out over a prolonged period of time. What you expected to take a week or two may end up taking months or longer. When this happens, it makes it increasingly difficult to pay your attorney fees, monthly expenses and other costs. Lawsuit funding is especially useful in these types of situations. Many times a defendant will purposely delay the case in the hopes that you, as the plaintiff, will settle for a lesser amount of money.
Having the funds to pay your attorney is also beneficial to your case. Often, an attorney can do a more thorough job of investigating your case and collecting evidence when he has the funds to do so. Settlement loans are advantageous in this way as well. In light of the current economy, many people are financially stressed. If this is you and you need to file a lawsuit, consider these options. You really should attempt to get the compensation you deserve.
If you or a loved one has been seriously injured due to an accident or catastrophic event, contact your attorney immediately. He can discuss your options, and help you determine if lawsuit funding would be beneficial for you in obtaining justice.