A plaintiff in a lawsuit can go through one of the hardest financial times ever in their life; this is especially true with injury or accident lawsuits. During the time of the lawsuit the plaintiff is usually unable to work due to injuries related to injury or the accident. This removes part or the entire income source of the plaintiff. Due to ethical issues your attorney cannot loan you money during your pending lawsuit, this can create issues that might make your want to settle early to satisfy your debt to your attorney. This can also cause the plaintiff to settle the lawsuit early and for a lesser amount than the case would be awarded with a verdict in the plaintiffs favor.
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It's even common for people to have to claim bankruptcy during or after a lawsuit. This can happen due to past due medical bills, mortgage payments and car payments. You can also obtain a large amount of debt during your lawsuit and lose your case; this gives you no access to funds to pay off this large amount of debt, resulting in bankruptcy. It's sad that an individual can get into this situation when they were they injured party. However, there is a solution that a plaintiff can get to prevent financial melt down and keep all their bills and debts up to date while allowing the lawsuit to finish completely and have a verdict issued by a judge or jury.
This solution is called a settlement loan; a settlement loan is simple to understand, it's basically a lender or investor who buys interested into your lawsuit. They will loan you a specific amount of money based on the merit and awardable amount of your lawsuit. They will receive back the loaned amount, interested and a nominal fee if you will your case. If you happen to lose your lawsuit you do not have to pay back the settlement loan. This is a great way for plaintiffs to keep financially sound during their pending lawsuit. Another great thing about a settlement loan is you don't have to have perfect credit; in fact your credit history isn't even looked at during the settlement loan process.
As you can tell, a settlement loan is an excellent choice during a pending lawsuit if you need access to funds. It will prevent you from having to declare bankruptcy due to debt and bills piling up. Settlement loan's will also prevent you from having to settle your case early and for a lesser awardable amount to get access to the funds you need. If your in the situation where bankruptcy might be required due to a pending lawsuit consider a settlement loan to keep you afloat.
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