Beyond Personal Injury: How Legal Financing Can Help Other PlaintiffsAugust 8, 2013
One of the myths surrounding litigation financing is that it’s only for personal injury plaintiffs. That couldn’t be farther from the truth. Plaintiffs in other cases, including workers’ compensation cases and FELA matters can all benefit from settlement advances to help them meet their financial obligations while awaiting a settlement.
Peace of Mind for Injured Workers
When an on-the-job injury happens, the injured worker often cannot continue working. That puts the worker in a precarious financial position, as many employers will not continue paying the employee, and in many cases, disability insurance doesn’t kick in soon enough or isn’t enough to cover day-to-day expenses while the worker awaits a settlement. Without settlement financing, the plaintiff can be forced into accepting a settlement that is much lower than the injury is worth just to make ends meet. However, legal financing makes it possible for the plaintiff to hold out for a better deal while still paying his mortgage, sending his kids to college and keeping the lights on in the house.
Keep FELA Claims on Track
Railroad injuries still happen, and when FELA plaintiffs are awaiting a settlement, like workers compensation plaintiffs, they often are too injured to work. Either the injured worker is forced to take a lower-paying job to make ends meet, or he has no income at all. This means that rent or mortgage goes unpaid, risking eviction; utility bills get juggled, turning every flip of a light switch into a guessing game; and grocery budgets get trimmed, resulting in poor nutrition, particularly for children. Settlement financing helps the plaintiff meet those expenses, ensuring that he can remain in his current home, provide for his family and purchase everyday essentials like groceries while he awaits a fair settlement.
To receive a settlement advance and bridge the gap between injury and settlement, a plaintiff needs to have a case that is likely to succeed on its merits, a suit in progress and an attorney taking care of the logistics. Settlement advances can be provided within 48 hours of application, as long as the requirements for funding are met. The speedy turnaround time helps plaintiffs meet their financial obligations in a timely manner and get the best outcome from their case, allowing them to wait for a fair settlement.