Car accidents can cause widespread misery and pain to victims, and these victims might have money coming to them. If you are the victim of a careless driver, you might consider taking legal action against that driver. In most cases, it's highly advisable to move forward by hiring a car accident attorney. Some victims, however, never make that move due to financial concerns. Read on to find out why your current lack of financial resources is no reason to turn down the legal help you need and want.
Pay Using a Contingency Fee Arrangement
What if you could gain expert legal help with your accident case without having to give the lawyer any money up front? Contingency fee arrangements allow accident victims who may have strained finances to benefit from the help of a personal injury lawyer. Here's what to know about these arrangements:
- The lawyer won't accept your case unless you have a good one. That means you were not at fault, you were hurt in the wreck, and you have a good amount of evidence to prove fault and damages.
- The lawyer is paid when you either settle the case or win a court judgment. The pay is a percentage of your winnings, and the fee can be negotiable. The money to pay the attorney is automatically deducted before the balance of the money comes to you.
- Make sure you understand about extra fees (if any), whether the agreement covers court cases, and what the going rate for similar cases is in your area before you sign the retainer.
Pay Using a Lawsuit Loan
Closely related to contingency fee arrangements are lawsuit loans. Here, a third-party lending institution provides you with up-front funds based on your chances of winning a settlement or judgment. If you have a good case, your loan is approved, and the loan is paid back only if you win your case. If not, no money is owed. Here's what to know about lawsuit loans:
- You can use the money for whatever you wish, from medical bills to attorney and legal fees. With accident situations, you may have to miss work and you may even be facing unpaid medical bills.
- Have your personal injury lawyer look over the lending paperwork before you sign it and discuss the interest rate, the fees, and other details of the loan. Needless to say, your attorney must provide the lender with some facts about the case before they can approve your loan.
Lawsuit loans are new and may not be regulated, so use caution and discuss things with your attorney.