How Can Professional Litigation Funding Firms Help Plaintiffs Stay Out of Debt?

Have you recently been the victim of a car accident or bitten by a vicious dog? Well, your lawyer may tell you that you’ll get a nice settlement out of this case that can cover all your damages fully. However, it may take months and even years to get the settlement amount. Then how can you manage in the meantime? Well, proficient litigation funding firms can help you with legal finance capital options.

When dealing with a personal injury lawsuit, handling both legal costs and medical expenses will feel hard. Besides that, your injuries may also hold you back from getting to work, which, on the other side can also pile up your due payments and credit card bills. Well, having legal finance capital by your side, you can easily deal with all these and that too without putting you in debt.

Wondering about how can legal funding help you without putting you in debt? Let’s dive into the following blog post to learn more about it.


So, what is third-party litigation financing?


Most online posts and blogs may refer to litigation financing as ‘lawsuit loans,’ but let us tell you that the term isn’t correct.

Litigation financing is a cash advance on your personal injury lawsuit settlement, unlike a loan in the traditional sense.

Legal funding can be extremely beneficial, especially when you’re awaiting the settlement money.

They can make your life easy, even when you’re too injured to go to work.

You can do anything you want with the litigation cash advance, including,

1. Cover your medical bills

2. Pay the fees of your attorney

3. Buy groceries and other essential commodities

4. Pay house rent or mortgage

5. Pay your kids’ school and tuition fees

6. Repair your house or car

7. Hire a home care to help you with household chores

8. Cover credit card and utility bills

Besides that, legal finance capital can also provide you with financial stability.

With that, you can hire a better lawyer to represent your case and buy time to negotiate a better settlement deal for your injuries rather than accepting an early and low offer.

Why won’t litigation financing options put you in financial debt?

Well, unlike traditional loans, legal financing options would never put you in debt, as it’s a ‘non-resource’ type of funding.

1. You neither need a credit check to apply for legal funding options nor does it show up on your credit score, unlike loans.

2. You don’t have to worry about collaterals or monthly payments when applying for legal finance.

3. Third-party legal funders won’t ask you to pay anything back unless you win the lawsuit. Only when you do, they'll take repayment from your settlement money.

Conclusion,

Are you wondering if taking legal finance capital from professional litigation funding firms would put you in debt? Well, NO, it won’t do that. We hope this blog post can help you understand it.

Read More: Negligence Claims against Auditors – Many a Slip

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