How Can I Afford My Nursing Home Abuse Lawsuit?
If you are reading this page then it is likely that you have been a victim of nursing home abuse or a member of your family has been.
As not all families have the financial strength to pursue a lawsuit alone we thought that it would be helpful to review the options that you have available to you.
Firstly; if you have not already done so you should seek to find a specialist lawyer who can represent you with your case. We work with nursing home abuse lawyers in all US states; you can start the process here: nursing home abuse lawyer
Keep in mind that with the award-winning law firm of McIver Brown you will not pay any fees with your nursing home abuse case unless the firm wins your case. We invite you to fill out our contact form for a free consultation or give us a call.
You then have a few different options:
1) Self funding: for the fortunate few who can afford it you can pay your lawyers fees yourself in the hope that you will recoup all expenditure when the case reaches a conclusion.
2) Bank Loan: These are not normally given on the basis of having a lawsuit in progress, as the banks are not willing to shoulder the risk that you do not win your case. Therefore you will need to be able to justify to the banks your means to re-pay the loan regardless of the outcome of your lawsuit.
3) Lawsuit cash advance: The other option is to take a lawsuit cash advance. This is a relatively new form of funding where you do not have to pass any credit checks and there is no cost warranty. In order to get a lawsuit cash advance you simply need to be able to prove that you have legal representation for your case. Additionally, lawsuit cash advances are popular because in most cases they do not have to be repaid unless you win or settle your case, which gives you peace of mind. However, because the funding company shoulders a high level of risk through offering funds on this basis lawsuit loans tend to have high interest rates.
The first option is very clear cut and you are most likely already familiar with the terms surrounding bank loans; therefore we will go into a little more detail on lawsuit cash advances or lawsuit funding as it is also known.
There is now a wide range of lawsuit funding companies to choose from, they all offer slightly different services so if you are considering taking a lawsuit cash advance then here are some questions for you to ask the companies to ensure that you get a fair deal:
1) How long will it take to get my loan (cash advance) approved? Everyone will have different levels of urgency so it is vital that you confirm exactly when you will be receiving the cash.
2) What rate will you be charging me on the cash advance? Are there any additional costs or is the % fixed? Many lawsuit funding companies have hidden fees so you must check up front if these exist and if so what they are.
3) Is the cash advance on a non-recourse basis? This means that unless you win your case you do not have to re-pay the loan. Many lawsuit funding companies offer this as standard.
4) What are the repayment terms of the cash advance? Do you have to pay back in one lump sum or can you pay in installments? Most companies expect you to pay in one lump sum from your lawsuit settlement.
5) What standards do I need to meet to get the cash advance? With most companies this is simply confirmation from your attorney that you have legal representation.
6) How many cases of the same type have the lawsuit funding company handled in the past?
It is also worth making a judgement on how genuinely interested they are in you and your case. It is always a good sign of trustworthiness when a business shows a personal interest in you and your situation. You will be making a contractual agreement to borrow money so you need to be certain that everything is clear and that the company is trustworthy.
This article was written by Kenneth Ackerman who is CEO of lawsuit funding company, Funding America, LLC.