Courtesy of William Bronchick, Real Estate mentor and Attorney
Cash advances are not normally a part of my law practice here at Bronchick Law, however, I thought that this might be great information for those of you that read my blog. The purpose of a Lawsuit Cash Advance is to help people recover the compensation owed to them for personal injury inflicted upon them either due to a road accident, discrimination at the workplace, or any sort of medical or legal malpractice. There are many companies that offer Lawsuit Cash Advances to enable the plaintiffs to fight their legal battle. Cash Advances are not loans in the traditional sense of the word, for the injured person has to pay back the amount only upon winning the case, but not otherwise.
If you are facing a situation where you are looking for a non-recourse loan, you can contact these companies and provide them the details of your case. The companies will then consult a lawyer to get feedback on the merits of the case, and an idea about the anticipated settlement amount. On winning the settlement, you would then have to give a certain percentage of the settlement to the financing company. The usual rate charged by these companies varies from ten to fifteen percent of the settlement amount.
Another advantage is that your attorney will have the benefit of the advanced cash. It would enable him or her to prepare your case more effectively, as a shortage of funds will no longer be an issue. The attorney will get the necessary time to collect the depositions and find the necessary witnesses. This will, in turn, improve your chances of winning your case and getting a suitable compensation packet.
These Cash Advances offer you the opportunity to take your case to the courts. Otherwise, you might have to opt for an out-of-court settlement, which could mean that you compromise on the amount.
Yet, as a word of caution, it is necessary to add that taking such loans should be your last recourse. This is because, given the risk involved, the companies can ask you to shell out a hefty fee for their services. So before accepting Cash Advances for fighting your lawsuits, you must consider other options to raise the funds.