For every plaintiff, there are crucial steps they need to take in order to prepare for their lawsuit. There are several crucial steps to consider that are often overlooked:
—Trials can take a long, long time. Most of them span for years. Don’t let this intimidate you from holding someone accountable for their negligence, but it’s important to be mentally prepared.
—Get a lawyer with experience in your type of lawsuit. If you’re a car accident victim in a personal injury case, find a lawyer who specializes this.
—The defense will get involved in your personal business. Be prepared to have any public records or online activity combed through.
One of the most important aspects, however, will probably come as a surprise: your finances. Your financial health plays an important role in your lawsuit, but it is usually not given much thought by plaintiffs at the beginning of the lawsuit because they haven’t yet discovered the true labors of a trial. There are a several aspects of a plaintiff’s financial situation that must be taken into account.
If your lawsuit has to do with personal injury or another situation that keeps you from work, how do you plan on making ends meet until then? As previously stated, lawsuits take a long time. Lawsuit loan, which allow plaintiffs to use money from their lawsuit before settlement, can help fill in the gap.
If you currently have a job, how will it be affected by the lawsuit? Your lawsuit will require a lot of time and effort from you. If you get paid by the hour, how will you be affected by the lost wages that your trial time cuts into? If you have a salary position, will you have enough vacation time or will you have to buy more vacation days? What happens if your work performance begins to suffer? These are all things you need to talk over with your employer. Many plaintiffs only work part time or don’t work at all during the lawsuit with the expectation of receiving a settlement eventually. If your work situation raises these concerns, a lawsuit loan may be the best option to help cover expenses.
Personal loans aren’t always the best option. Banks may deny your application based on financial history or employment status. They also may require payment before the lawsuit concludes, and you can’t know ahead of time when exactly you’ll be getting a settlement. Can you be sure that you can repay a personal loan and any interest when the bank expects it? Lawsuits are emotionally exhausting, and struggling with a personal loan can only make things more stressful. Lawsuit loan companies expect payment after you receive your settlement, and they base loan candidates’ eligibility on the strength of their case.
About the Author: Steven Medvin is the Executive Director of SMP Advance Funding, LLC, which provides lawsuit funding to individuals who need a lawsuit loan for pending lawsuits. For more information please visit www.smpadvance.com.
