Financing a Personal Injury Lawsuit

Filing a personal injury lawsuit may result in funds to compensate you for the injury that you have incurred. Unfortunately, the process is often not fast and can take months or years. Several options can help you pay bills in the meantime.

Money to Live On

The goal of a personal injury lawsuit is to obtain funds from the defendant or the insurance company to compensate you for pain, suffering, medical expenses, lost wages, and other damages. If you can’t work, you still have to pay bills in the meantime. In most states, your lawyer can not lend you money because of the potential conflict of interest. There are various ways to pay bills in the interim.

Cash Advances

Some financing companies offer cash advances for cases that 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 as well as an agreed-upon fee though the fees can be high.

Other Options

If you have good credit, you may be able to take out a personal loan to finance your lawsuit or use credit cards. Friends and family members may also be able to help out. Medical providers may be able to offer lower payments or extend payments. Depending on your situation, you may qualify for disability, unemployment, or workers’ compensation benefits that could help pay your expenses. An attorney can assist you in exploring disability filing options.

Attorney Fees and Legal Expenses

Personal injury lawsuits can be expensive, especially if they do not settle and go to trial. Most personal injury lawyers accept a contingency fee, which means that they are paid only if your case is successful. The good news about this is that you don’t pay up front. If you receive money through a settlement or trial, then your attorney will receive payment. You will then reimburse your lawyer for medical records, expert witnesses, and other legal costs. If you or a loved one has experienced a substantial injury, consult with an experienced personal injury attorney to explore your legal rights.