Written by Violette Bishai
Legal Funding Benefits Back to School Costs
As summer comes to an end and school buses turn the corner, back to school costs such as textbooks,uniforms and supplies begin to pile on top of living expenses and legal bills. Litigation is a lengthy process. Legal funding benefits back to school costs. Typically, a personal injury case can take up to as long as two years, not considering the additional time that processing paperwork, meetings, court time can take. This time, without a settlement award and continuous attorney fees accumulating can take a financial toll on your plaintiffs. Legal funding is an alternative to consider to assist in allowing a stress-free environment in the midst of all the disorder that a car crash injury can bring.
Making Ends Meet
Legal funding allows for your plaintiffs’ lives to not consistently turn into an uneasy cycle of constantly worrying about prioritizing money. Typically during the month of September, most states begin their back to school dates and for plaintiffs this means dipping into an already thin budget for back to school expenses. A new survey from Bankrate.com shows that only 37% of Americans have enough saved to cover an unforeseen event costing $500-$1,000, while the other 63% would have to fall back on a credit card or borrowing the amount from friends or family to cover said costs. Cash received directly through legal funding can be used to avoid late rent payments, car payments, and essential living expenses. And in this lengthy process should a child come home from school sick, there are no worries about medical expenses or medicine. It should not be that they are forced to live in fear because an accident occurred that was not their fault.
This way instead of running high debts through credit card companies or personal loans, they can take advantage of the fact that legal funding is not a loan. Prepayment is contingent on the success of the lawsuit. Should it not be successful, this obligation is no more. This choice not only allows for financial freedom; it allows for the time needed to let the settlement to take its course to ensure they get what they deserve.
Legal funding allows for the attorney to take the time and resources needed to build a strong case. It is no question that a significant part of a case is the cost, attorneys need to no longer spend excess time with their client problem solving financial issues. The focus can now simply be the matter at hand and providing the legal skill needed for the case. Consequently, the settlement award can be used to pay back the funding as well as provide a jump start on rebuilding financial stability. Whereas, plaintiffs under financial pressure may resort to early settlement as they can no longer afford the costly legal process.
The new school year is always an exciting time in every child’s life, moving up a grade, changing schools, graduating, parents should take part in this exciting milestone.
To learn how legal funding used strategically, can benefit your plaintiffs with their back to school budgets, visit our plaintiff funding page.