Financing a Personal Injury Lawsuit

 

Piggy Bank Crutches

Filing a personal injury lawsuit can get you some money to compensate you for what you’ve been through. Unfortunately, this process can take several months and sometimes even years. Several options can help you get by while you wait for your payout.
You’ll Need Money to Live On
The primary goal of a personal injury lawsuit is to get money from the defendant or the defendant’s insurance company to pay you for pain, suffering, medical expenses, lost wages, and other damages. If you are unable to work, you’ll need to find a way to pay the bills in the meantime. In most states, your lawyer is not allowed to lend money to you because that type of arrangement could create a conflict of interest between yourself and your lawyer.

You’re Responsible for Attorney Fees and Legal Expenses
Personal injury lawsuits can get to be pretty expensive, especially if they make it to trial. Most personal injury lawyers accept a contingency fee, which means that they are paid only if your case wins. You don’t have to pay up front. If you receive money through a settlement or trial, though, your attorney will deduct an agreed-upon percentage before writing you a check. You will also be liable to reimburse your lawyer for any money spent on medical records, expert witnesses, and other legal expenses.

Financing Companies Offer Cash Advances
There are some financing companies that offer cash advances for cases they think will be successful. If the case doesn’t settle or if you lose at trial, you won’t have to repay the money. If you win and receive money from the other party, you must repay the money you borrowed in addition to an agreed-upon fee. These fees can be as high as 15 percent a month, if not even higher.

Consider Other Options
If you have good credit, you may be able to take out a personal loan to finance your lawsuit or use existing credit cards. Friends and family members may also be able to help out financially. If you have expensive medical bills, talk to your doctor, hospital, and other providers to see if they can offer you lower monthly payments or allow you to pay the bills off over time. Depending on the situation, you may qualify for disability, unemployment, or workers’ compensation benefits that could help pay or offset some of your expenses.

Regardless of how you plan on financing your personal injury lawsuit, the experienced Phoenix personal injury attorneys are ready and able to help you today. If you or a loved one has recently been injured, contact us today to set up a free consultation. We are here to help!

 

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