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Understanding Lawsuit Loans

Experienced Lawyer

Experiencing financial hardship after the loss of someone only adds to momentous stress many families are experiencing. When your loss is the result of another person’s careless action, the pain you experience can feel magnified. It can be frustrating to know that the accident could have been prevented altogether. Pursuing a wrongful death lawsuit may be a viable option for family who have been impacted. The process of a wrongful death lawsuit can take quite some time for someone. Speak with your wrongful death attorney Phoenix, AZ trusts regarding lawsuit loans and whether it is the right course of action for you.

Lawsuit Loans

Lawsuit loans may give plaintiffs the ability to borrow money against the lawsuit they are expecting to obtain compensation for. When a plaintiff experiences personal injury or a loved one has passed away and a wrongful death case is pursued, it’s likely there may be a significant amount of expenses the plaintiff will face as a result. The financial impact from an accident can bear a heavy load on victims. However, grieving the loss of a loved one can be unbearable. Although a lawsuit loan can offer a number of benefits when it comes to alleviating financial stress, it’s important that you carefully weigh your options and consult with your attorney before pursuing a lawsuit loan.

Reasons You May Consider a Lawsuit Loan

If the only way out of financial ruin is a lawsuit loan, speak with your attorney regarding recommendations for the best way to proceed. They can help point you in the right direction and may even be able to help negotiate terms. There are a multitude of reasons someone may consider a lawsuit loan following wrongful death:

  • You were financial dependent upon the person who has passed and are unable to pay your bills as a result.

  • Unpaid medical expenses

  • Lost wages from the person who has passed

  • Unpaid funeral expenses

Grief can take a toll on a person and make it incredibly difficult to function in a normal way. In some cases, you may even ignore the bills that keep rolling in. Wrongful death cases may yield the result you are looking for, but it can take time before a settlement is ultimately awarded. Consult with your attorney regarding whether you should consider a lawsuit loan.

The Drawbacks of a Lawsuit Loan

It’s important to carefully consider a lawsuit loan prior to making a decision regarding whether they are right for you. You may even want to consult with an attorney regarding the time frames of your case. Although in some cases that move along quickly a lawsuit loan may make sense, in most cases, it may not be the best option. You may never know how quickly your case will settle. Most lawsuit loans have exorbitantly high interest rates attached to them. Meaning, if it takes a long time for your case to reach a resolution, you may pay an interest rate of 27%-60%. Carefully consider alternative options to alleviate the financial stress you find yourself in. The risk of a lawsuit loan can be incredibly costly.

Chances are you were probably reliant upon your spouse to at least share in the expenses and upkeep of your daily lives. When your spouse has passed away, significant hardship may ensue. Wrongful death cases can take time before they are resolved and family is able to walk away with compensation. Obtaining a lawsuit loan may be a way of alleviating some of the financial stress you may be experiencing during what is likely to be a difficult time in your life.

 

Thank you to our friends and contributors at Rispoli Law, PLLC for their insight into wrongful death claims and lawsuit loans.


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