After being injured due to another person’s negligence, filing a lawsuit is the next step towards fair compensation. Unfortunately, the wait can be long, ranging from months to years before you can get your settlement.
Legal funding is an option you can explore. This type of funding allows you to get a percentage of your expected compensation upfront to help mitigate your ever-growing mountain of bills.
You might be wondering what kinds of accidents can be covered by legal funding. Here is a look at which types of legal funding companies usually cover.
Car Accidents
Since car accidents are the leading reason why people file personal injury lawsuits, they are covered by legal funding. A car accident that someone else causes can leave you with painful injuries, medical bills, and property damage. You will likely be unable to go to work until you heal or may be completely disabled. This funding can help you cover your unexpected costs and keep from sinking into debt.
Workplace Accidents
Some workplaces are more dangerous than others, and construction jobs are among the most hazardous. However, anyone can slip and fall in any work setting or be exposed to hazardous materials. Workers’ compensation may not be enough to help you pay for your medical bills or make up for lost wages, which makes legal funding a viable option.
Medical Malpractice
You can get legal funding for a medical malpractice case. When a medical professional makes a grave error or you are injured by a defective medical device, legal funding can pay for your expenses while you wait for your case to settle.
Personal Injury Accidents
Personal injury accidents of all kinds are covered by legal funding. The key factor is that your injury was caused by another party’s negligence. For wrongful death cases, product liability, slip and falls, dog bites, and other personal injuries, you can get legal funding to help you out of a bind.
How Much Can You Get When Using Legal Funding?
According to Pinnacle Legal, the amount you’ll receive for legal funding will depend on the specifics of your case. First, you must have a personal injury attorney who has filed your lawsuit. Your lawsuit should be in the investigation process, which will make it easier to determine what your expected compensation will be.
After your case is assessed, the legal funding company will provide 10% to 20% of that compensation award to you. What you get will depend on how much you lost in wages from being unable to work, the extent of your psychological trauma, the expected recovery time for your injuries, vehicle repair costs, and more.
Perhaps the best reason to choose legal funding to help you stay financially afloat while you await your settlement is that you don’t need to repay it if your lawyer doesn’t win. In the meantime, you can get the money you need to take care of your bills and the expenses from your injuries, which will be a huge relief.
