If you suffered injuries in an accident that was not your fault, you may have financial concerns. Your medical bills for treatment are increasing at the same time you might be missing work. One option that can help with your financial hardships is seeking pre-settlement lawsuit funding in New York.
When seeking a financial award in an accident lawsuit, settling the case can take a long time. Potentially having to wait years for a financial award can be quite frustrating. These delays sometimes lead injury victims to accept a financial award that may be smaller than expected, just to receive some money now.
Perhaps the better option is to seek settlement advance funding on a pending lawsuit. You can use this money to help with financial issues you are having now, allowing you to feel more comfortable about seeing the injury lawsuit to the end.
Medical Cost Reimbursement After Injury Accidents
Many people may think of car accidents as the primary source of injury lawsuits. Motor vehicle crashes certainly cause a lot of injuries that result in medical claims. More than 5.2 million injuries occurred in motor vehicle crashes in 2022 in the United States.
However, other accidents and situations can result in injury lawsuits and medical bills, too. For example, drug manufacturers could be liable for the more than 400,000 opioid overdose deaths in the United States since 1999. Estimates indicate medical errors result in more than 250,000 fatalities each year in the United States, leading to injury and wrongful death claims and lawsuits.
All these injuries add up to a lot of medical costs. The Centers for Disease Control and Prevention (CDC) estimated the cost of medical care from injuries in 2019 in the United States was $327 billion.
How Legal Funding in New York Can Help
Regardless of the total amount of medical costs related to injury cases in the United States each year, your focus is on the medical costs you’re facing. The amount you owe in bills after your injury accident can feel overwhelming. Additionally, hospitals and doctors may be demanding payment and applying interest to your balance owed. They may even threaten to send your accounts to collections.
Pre-settlement lawsuit funding could help with your situation. By applying for plaintiff investment funding, you can use the money to help with these medical bills and to stop the demands for payment.
Some people even use the money for other monthly bills, like mortgages or medical prescriptions.
When another person’s actions lead to your injuries and medical bills, it seems unfair. After all, you did not do anything wrong. You shouldn’t have to suffer financial setbacks in addition to the physical pain and suffering from your injuries. Pre-settlement financing and legal funding solutions can help you deal with these financial setbacks until your injury claim settles.
How To Know If Pre-Settlement Lawsuit Funding Is a Good Idea for You
You may be unsure whether receiving a cash advance on your potential financial award is a good idea. It’s typically smart to seek some advice from legal professionals to see whether receiving money from legal funding services can benefit you.
- You seem to have a high probability of winning a settlement amount in your case.
- You are working with a personal injury attorney on a contingency fee basis.
- A clear defendant who would be responsible for paying your claim is part of your case.
- You can wait at least a few days to receive the money, as the approval process is not instantaneous.
- You know exactly how much you need to help pay your pending medical bills.
- You understand that the repayment for the amount you’ll receive with pre-settlement lawsuit funding will come from the final settlement amount in the case.
Because the funding company will seek information about the case directly from your lawyer, you need to inform your attorney about your intentions. Your attorney may have some specific ideas about seeking this type of funding. Your pre-settlement lawsuit funding company also can provide advice for free.
If you’re in a tough financial situation because of your mounting medical bills, make sure your injury attorney understands this. The attorney may need more time to try to win a larger settlement award for you. If you seek injury claim funding to handle medical bills, you often can wait longer to finalize a financial settlement, which your attorney likely will support.
Learn More About Pre-Settlement Lawsuit Funding Today
When you need money now to deal with hardships related to your accident injuries, your lawsuit funding options include seeking pre-settlement funding. To learn more about the essentials for applying for NY legal funding, reach out to Apex Legal Funding, LLC. Call 1-800-377-4934 today for a free consultation.
FAQ
Learn more about whether seeking a cash advance on a lawsuit is a good idea for your particular situation through some of these common questions we receive from clients.
Is Pre-Settlement Funding Good or Bad for Me?
Determining whether pre-settlement funding is good or bad for you depends on your situation. Some people find that a lawsuit cash advance is the perfect solution to current financial stresses. Others don’t need this service because they have minimal financial hardships after the injury accident.
How Long Does It Take to Settle an Accident Lawsuit?
The length of time required to settle an accident lawsuit depends on the severity of injuries and the complexity of the case. Some cases settle within a few months, but others may take a few years.
Why Does the Insurance Company Wait to Pay a Settlement?
Insurance companies wait to pay victims a settlement because they hope victims will tire of waiting and accept less than the insurer is actually willing to pay. The longer the insurer holds onto your potential award amount, the more interest it can earn for them, too.
What Is Pre-Settlement Lawsuit Funding?
Pre-settlement lawsuit funding allows victims to receive an upfront payment while the lawsuit is continuing. The victim then repays this amount when receiving a financial award at the end of the lawsuit.
