A lawsuit advance is a form of funding prior to a case settling. When someone applies for a lawsuit advance they are typically in need of money to help pay bills while waiting for their case to settle. While attorneys sometime secure lawsuit advances to help fund large personal injury cases, most often, its the plaintiff that is seeking the lawsuit advance.
There are other reason why people decide to secure funding prior to their case settling. The more severe the injuries the longer the case can take to settle. A personal injury lawyer will always recommend their client seek medical attention prior to accepting an offer from a company. Ongoing medical expenses are a big part in figuring how much a personal injury case is worth. It is important for the plaintiff to know if he or she accepts a settlement offer, they can’t seek compensation at a later date for medical bills. A lawsuit advance can help out the plaintiff while they are going through this process.
Personal injury cases can take years before a settlement is reached. For some people that aren’t in the financial position of increasing expenses and loss of wages, a lawsuit advance can certainly help. Because this concept is so new, people are unaware of their options. Several years ago there were certain states that allowed lawsuit funding. As of August of 08′ all 50 states allow plaintiffs to seek a lawsuit advance.
When someone is searching for a company that can provides a lawsuit advance for their personal injury case, they are probably searching the internet or asking colleagues which companies provide funding for their case. Because the concept is at its infancy, many people are unaware of what type of companies provide lawsuit funding.
A lawsuit advance is loaned by companies called lawsuit funding companies also known as a litigation funding company. There has been a steady increase in these companies due to economic conditions and peoples spending habits. Most people throughout the United States live paycheck to paycheck and never plan for rainy days. When a person is injured it could be potentially devastating to both the plaintiff and their family.
Content provided by LawLeaf
LawLeaf (www.lawleaf.com) is an online lawsuit funding service that matches plaintiffs with our network of litigation funding companies. If you are currently searching for a lawsuit advance and would like to find out how our lenders compete for our clients business visit our website today.
Filed under: Lawsuit Funding |