Disclaimer: Consumer legal fundings and advances are not loans under applicable financing laws. Rockpoint’s products are non-recourse, meaning if you don’t win your case, you don’t have to pay us back. Receiving financial support in connection with a legal case is typically (and oftentimes incorrectly) referred to as a “lawsuit loan” or “loan.” Therefore, for the ease of search references, these terms may be used in this context to refer to our funding products, but we maintain our separateness from consumer loan products in all legal aspects.
Reaching a final financial settlement in an ongoing legal battle can take a long time. Delays are common even when you’re confident you’ll win a financial award. While waiting, you have bills to pay that can add up quickly. Legal expense funding could be the answer you’re looking for. This type of pre-settlement funding for plaintiffs provides the money you may need before the settlement is finalized.
Learn more about your options for dealing with expenses while the lawsuit is ongoing.
Why Legal Expense Funding Is Worth Considering
In basic terms, litigation funding helps you as a plaintiff meet daily expenses. This money is beneficial while waiting for a potential financial award to come through in a lawsuit. Eventually, the case concludes, and you receive the payment for your claim. You then pay back the expense funding you received.
While this may sound like a loan, litigation expense funding has one key difference: If you end up losing your case and fail to receive a financial award, you do not have to pay back any of the litigation funding you secured.
The funding almost functions like legal insurance. You never have to bear the risk of bringing a financial claim alone; the legal funding company assumes that risk on your behalf.
You could take out a loan with a bank for your financial needs during the lawsuit. However, you must repay this loan regardless of the case’s outcome. Legal expense funding gives you some financial protection.
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Financial Claims in Injury Lawsuits Can Take a Long Time
For someone bringing an injury lawsuit for the first time, the length of the case can be frustrating. Your lawyer may warn you that cases often take several months or longer to settle. However, you may not fully understand and appreciate the delays until you’re in the middle of the case.
In injury lawsuits, you do not receive money until the case comes to an end. Insurance companies do not pay for your ongoing medical costs during the case. They don’t help you with your bills. They only pay a lump sum amount after you win the case or reach a negotiated settlement.
If the defendant chooses to appeal the case, your payout may be further delayed.
Litigation expense funding helps with these challenges. The funding company knows that appeals can take several months or longer to settle. Under this agreement, the funding company won’t hound you about making monthly loan repayments. The full repayment comes at the end of the case, no matter how long it takes.
How Litigation Expense Funding Helps With Bills
You don’t have upfront case expenses when your lawyer represents you on a contingency fee basis. This allows you to afford to hire an attorney without needing cash on hand.
Frequently, law firms use contingency fee representation in personal injury cases. This type of fee structure makes it easier for you to afford legal representation and litigation costs. In other legal cases, firms might charge by the hour or use a retainer fee. High upfront costs might cause injury victims to skip seeking legal representation.
Contingency fee representation may not solve all your financial concerns, though. You still have personal expenses while the case is ongoing. These expenses are difficult to bear when you cannot work. Personal expenses may include:
- Medical costs
- Mortgage or rent
- Car loans
- Grocery bills
- Energy bills
Struggling with these obligations can be quite stressful. Litigation expense funding gives you money that you can use now for these expenses.
Ideally, such funding will leave you with fewer worries about your day-to-day life and allow you to focus on recovering your health.
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Legal Expense Funding Helps With Medical Care
The legal expense funding company doesn’t put restrictions on how you use the money.
Some injuries in an accident that wasn’t your fault require ongoing medical care. Your health insurance policy might not cover surgeries or other treatments that you need. If so, you could use the funds to pay for these treatments now. Without legal expense funding, you might have to wait until the end of the case to be able to afford more medical expenses for treatment.
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Why Law Firms May Recommend That You Use Legal Expense Funding
Your lawyer may tell you to expect the insurer to fight your claim. Insurers sometimes fight cases when they know injury victims are struggling financially. When you aren’t able to work, the insurer knows your financial situation likely will worsen over time.
The insurer hopes that you become desperate to settle for any amount. You may want to put an end to your financial woes. Insurance companies increase their profits by paying less to victims. If you settle for a lower amount than your injuries are worth, the insurer makes a bigger profit.
Your lawyer may suggest using legal expenses and plaintiff funding. This money can help you hold out longer before you choose to settle. Receiving some money now can give your law firm more leeway to try to settle the case, giving you a better chance of winning a larger financial award.
Learn More About How Legal Expense Funding Works
If you believe legal expense funding may be the right path forward, we are ready to help. Reach out to Rockpoint Legal Funding today to learn how legal funding works. We can discuss whether it fits your situation.
Contact Rockpoint Legal Funding today at (855) 582-9200 for a free consultation.
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