5 Things You May Not Know About the Cost of Personal Injury
If you’ve been injured due to the negligence of another party, whether a person or a company, there are many things you may not know about the economic cost of personal injury.
First, medical bills from doctors, hospitals, surgeons, pharmacies, and more may be piling up. It can be frightening to see the number of bills from providers, and the amounts the providers charge.
Insurance rate hikes
Second, your insurance rates may increase. As most folks know, insurance rates are already high. But many insurance companies charge even higher rates to people with injuries that require a great deal of healthcare. They could be even higher if you will need medical care for your injury for the rest of your life – an injury termed “catastrophic.”
Third, not only are you dealing with large medical bills and rising insurance costs, but you may be dealing with less income then you had prior to the injury. You may have required time off work for doctor’s appointments, surgery, or hospitalization. You may have needed time off to recuperate. Your injuries may have left you unable to work full time, or unable to work at your former occupation.
Fourth, you may need to be in rehabilitation. Rehabilitation after an injury covers many things, depending on the nature of your injury. You may be learning to walk, speak, or do the activities of daily life all over again. You may need physical therapy or other rehabilitation for the rest of your life.
Fifth, your home and surroundings may need new construction to accommodate your injury. Your bathroom, walkways, bedroom, and more may need to be retrofitted to accommodate your disabilities.
Fortunately, a personal injury lawsuit lets you seek damages for all of these economic costs. Medical bills and related costs and wages lost from work can both be compensated, including future expectations of medical bills and potential loss of lifetime earnings, based on expert testimony. Rehabilitation costs and the costs to retrofit your home can all be covered, provided they are all related to your injury and its consequences.
But what happens as you’re waiting for your personal injury lawsuit to be settled? After all, court cases are not resolved in a day. It can sometimes take years to see your case through to its conclusion. What do you do in the interim?
A Legal Loan Can Help
Fortunately, there’s a solution that has worked for many people over the years. A legal loan.
A legal loan is money loaned to you as a bridge toward the settlement of your personal injury lawsuit. You can use the money for any reasonable expense you have in the course of daily life, including paying your mortgage or rent, utilities, and groceries. Plus, of course, you can pay medical bills and more.
If your personal injury case is settled, you pay the legal loan back at a reasonable interest rate every month.
But what happens if you lose your case? Well, you will never owe anything back on the loan. That’s right, you will owe nothing.
Why? Because a legal loan is non-recourse. It’s more like a cash advance than a regular loan. But it is set up so that you only have to pay if you receive a settlement or jury award from your personal injury case.
The beauty of it is, legal loans not only give you money to handle the financial costs of your personal injury; they give you negotiating power. Often, defendants in a personal injury case will try to lowball an offer, knowing you are desperate for funds. If you aren’t desperate, though, you can afford to negotiate their offer upward.
You can receive a legal loan with only a simple online application. Your approval can come through with no credit check, within 24 hours.
Let Lawstreet Capital Solutions help you with a lawsuit loan to offset the economic costs of a personal injury today.
- NIH, Cost of Disability, https://www.ncbi.nlm.nih.gov/pubmed/2955991
- The Conversation, Hidden extra costs of living with a disability, https://theconversation.com/the-hidden-extra-costs-of-living-with-a-disability-78001