If you are in a legal dispute, the chances are that you might want to sue the other party. Whether you are involved in a car accident, family issues, financial disputes or have been a victim of medical malpractice, taking a legal course of action is the most preferred way to seek justice.
Pursuing a legal case is a costly process. Not only one has to pay high lawyer fees, but also bear the financial stress arising from loss of job, medical bills, etc. However, a New York litigation funding company might help you with advance cash that acts as a pre-settlement fund to pay for your everyday expenses.
While you might be tempted to file a case, two main factors must be considered before filing a lawsuit.
- Is there a chance of compromise on your end? – one often forgets to look at the other party’s point of view on the case. Maybe, they have a valid point that is legal to argue on the subject matter against you. In such cases, you might need to compromise on your end or think about reducing the compensation amount you have asked for. Having a practical point of view can save you from bearing high attorney fees and other costs while filing a lawsuit.
- Are you financially stable to bear the costs involved in a case – Lawsuits are expensive ordeals, and there are not many ways one can choose to recover the fees paid to an attorney. Besides that, the filing must be done within 90 days of the incident to make a rightful compensation claim. For every $1000 claim, one needs to pay $15 to a lawyer in New York. And if the claimed amount is between $1000 to $5000, the fee rises to $20. Since the average hourly lawyer fee is around $122 to $485, those filing a lawsuit must bear all these costs. It becomes tougher to handle attorney fees if lawsuit loan companies deny disbursing you a loan.
Therefore, while filing a lawsuit, one must understand that they often involve substantial costs. And the compensation money you win in the end will include the case filing fees, attorney costs, etc. In such situations, pre-settlement loans or funding options prove great help.
If you want to know more about lawsuit settlement loans, here is the information.
What is a Lawsuit Loan?
Not all forms of claims are addressed and make for a suitable case. For instance, if you fell in a store, that does not necessarily make it an excellent reason to file a ‘slip and fall’ claim. The nature of such a claim can go in your favor if it is the store owner’s fault and they did not guarantee your safety. However, that will be decided only after the claim elements are checked, verified, and proven.
The odds of winning a case are considered deeply in lawsuit loans. One needs to understand that companies providing lawsuit loans verify the entire case before advancing and approving. And they might decide to abstain from lending the amount if your case does not have enough weightage. In worse situations, the applicant might bear the entire cost independently.
Lawsuits take enormous amounts of time to resolve. Although the legal process is slow in most states, sometimes, attorneys and insurance companies further extend the process. Most New York litigation funding companies sanction loans to help litigants deal with their everyday expenses. One can use the funds received from settlement loans to pay medical bills, mortgage bills, rent bills, car repair bills, buy groceries, etc. Besides, it also helps to recover and replace their lost daily wages.
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