How do you go about financing a truck accident lawsuit? If this is the question that you need an answer to, keep reading to learn a few possibilities.
Financing a lawsuit can be a way of getting monetary assistance when you are seeking legal remedies or relief in an applicable court of law when you don’t have the necessary finances to bear such an expenditure. The expenses that a lawsuit financing company might cover include attorney fees, obviously, but also possibly health care and medical bills, groceries, and even rent or your mortgage. Cases that lawsuit firms fund cover a wide variety of categories, but motor vehicle accidental injuries, including truck accidents, certainly fit the case.
On the other hand, don’t mistake such financing as a loan, since it’s a non-recourse. That means that as the client, you don’t have to repay any amount forwarded to you if you lose the lawsuit. The company undertakes the entire risk. A loan would have a definite payback schedule that has a fixed period. Since there’s no way of knowing how long any case is going to run, there’s simply no rigid repayment schedule that lawsuit financing companies can possibly enforce.
As such, companies like these typically look out for cases which have strong chances of winning, so that they can reduce the odds of them losing money. What they do is have in-house attorneys study the cases and pick the ones that are the most likely to win in court. As such, they then fix amounts provided to clients, each according to their needs. This funding can happen in three different ways most of the time.
The first is pre-settlement funding where a company provides funds even before a verdict gets announced. These are typically offered when the client, for some reason, often an injury, is unable to work and earn any money to pay their legal fees. On the other hand, if the actual verdict doesn’t go the client’s way, then the company doesn’t get to retrieve its funds.
The second is post-settlement funding, where firms give money only once a lawsuit gets settled. In these cases, though, they might allow for partial advances.
The third kind is attorney loans, where firms themselves directly provide an attorney a long-running credit that handles all incurred expenses.
Before you accept help from such a company, you need to consider your available options as well as the terms of the repayment. Terms might include flat fees and recurring fees. You should consult and explore a multitude of companies, much like you would shop around for car insurance or home improvement and repair contractors, before picking the one that you find to be the most suitable.
Now that you’ve read all of this, you have a better idea of what your options are in terms of potentially financing a truck accident lawsuit. Explore each of them to see what might suit you, if you feel like you have a just case but are currently unable to finance such an expensive undertaking on your own right now.