Financing a Lawyer Tips
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Options For Lawsuit Financing
When waiting on a settlement from a lawsuit, sometimes it can take years to go through the court system and get a ruling. Unfortunately, your personal bills do not wait to be paid. If you are unable to work due to personal injuries sustained, there are options to assist you in paying your bills until you receive your settlement.
There are lawsuit financing services available. These are better than personal loans. You receive your money upfront and can use it how you see fit. So you can retain a lawyer and pay bills.
Most companies that offer the lawsuit settlement funding services do not even request any payments on the loan until after you have been awarded your settlement. There are others that do not ask for repayment if you do not receive any money. So it is important to shop around for the best lawsuit financing service for you.
The service will ask you to fill out paperwork. They will make a decision if you are approved and for how much money you are eligible to receive.
They use the type of lawsuit that you are filing, your damages and potential award of monies into consideration when making their decision.
These services do not verify employment, do credit checks or charge application fees unlike banks or other private lenders.
Lawsuit Financing Options
Most people are aware that the cost of hiring legal representation can be rather steep. Charges accrue by the tenth of the minute in most law firms, and quickly reach hundreds to tens of thousands of dollars or more. When the news gives an account of a spectacular lawsuit settlement in the hundreds of thousands of dollars, a common comment may be that the lawyers get most of it. In fact, most lawyers and law firms will get a substantial portion of an award or settlement. Typical costs might be in the 40% to 60% range for a personal injury lawsuit.
For the client, lawsuit financing options are available, including the following:
1. Consignment basis - legal fees, other than some small out-of-pocket costs, are only paid if and when the case is won and when an award or settlement money is received by the client.
2. Payment plan - client pays a small amount in advance, and makes regular payments during the course of the action.
3. Lawsuit funding companies - these are companies who operate similar to a cash advance company to provide advance funding to persons who are involved in a lawsuit that requires up front payment.
4. Free legal help from local Legal Aid office or Law School - investigate this possibility if you have no financial resources.
