Cash advances, liens, and lawsuit loans are among the solutions available for paying medical bills while waiting for a car accident settlement.
If you have been injured in a car accident, truck accident or motorcycle accident, you may have a lot of medical bills. Even if you have a personal injury lawsuit to recover the cost of your medical care, that money is not in your hands yet. You may be unable to work and not have access to temporary or long-term disability payments. Even if you do, they may not be enough to cover your bills, including your mortgage, car payments, utilities and food expenses. When you still have to pay all those obligations, but there’s nothing coming in, what can you do?
At Rosenberg & Gluck, we have protected the rights of motor vehicle accident victims for over 28 years. We know first-hand how difficult it can be to simply survive financially when you can’t work because of injuries suffered in a car, truck or motorcycle accident.
For a free legal consultation, call 516-451-7900
A Cash Advance from Your Potential Recovery
One option available to many people is what is known as lawsuit financing. Under this type of arrangement, a financing company will advance money to you in exchange for a portion of any recovery you receive. Funds can often be in your hands within 24 to 48 hours.
You must qualify for this type of funding, though. Because your eligibility is based on the strength of your case and not on your personal credit, a credit check is not necessary. However, the financing company will meet with your attorneys and gather all necessary information to determine the quality of your case, reviewing the evidence, questioning witnesses and looking at all relevant documents, including
- the police report
- medical records, such as bills or reports
- your contingency fee agreement with your attorney
- proof of the defendant’s insurance coverage
Your lawyers may have a vested interest in helping you obtain this type of funding, because it can alleviate the need to settle early for less than you deserve, simply because you need to keep your home or other assets.
Medical Liens
While you wait for your case to reach a settlement, you may be eligible to use a medical lien. Medical liens help you to continue receiving medical care with no need for upfront payments. Your lawyer and the medical provider will negotiate terms regarding payment arrangements after the lawsuit is settled. This allows the medical provider to continue treating you with the promise to be paid after a verdict is reached.
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Lawsuit Funding
Lawsuit funding, or pre-settlement funding, is another great way to cover your day-to-day expenses. The lawsuit funding is a loan that provides you with the cash you need. It can be deducted from your settlement winnings once the lawsuit has been finished.
If you are eligible to receive lawsuit funding, the funds may be available to you as early as 24 hours. Please note: these advance loans have interest rates and fees that are incredibly high.
Who is Eligible to Receive Pre-Settlement Funding?
After you deliver the necessary paperwork and information regarding your case, the loan officers will review your situation. They also take into account the possibility of you winning your lawsuit. You will only be eligible if they determine you have a great chance of winning your case.
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Let Us Help You Get Through a Car Accident Claim
If you have been injured in a motor vehicle accident because of the carelessness or negligence of another driver, contact the experienced personal injury attorneys at Rosenberg & Gluck. We have protected the rights of thousands of clients throughout Suffolk and Nassau Counties. For a free initial consultation, call our office toll-free at 1-888-545-2993.
