Medical malpractice is a serious issue that can have devastating consequences for victims and their families. When the doctor or some other healthcare provider failed to give the standard of care that a reasonable person would expect, and as a result, a patient is injured, the victim may be entitled with compensation. However, the legal process of filing a medical malpractice lawsuit can be long and expensive. This can make it difficult for victims to access the money they need to pay for medical bills, lost wages, and other expenses.
What is Pre-Settlement Funding?
Pre-settlement funding is a type of financial assistance that can be used by victims of medical malpractice to get the money they need while their lawsuit is pending. Pre-settlement funding is not a loan, and it does not have to be repaid if the victim does not win their case. Instead, pre-settlement funding is a type of investment. The funding company will advance the victim a portion of the money they believe the victim will receive if they win their case.
How Does Pre-Settlement Funding Work?
The process of getting pre-settlement funding for a medical malpractice lawsuit is relatively simple. The first step is to contact a pre-settlement funding company. The funding company will review the victim’s case and make an offer. If the victim accepts the offer, the funding company will advance the victim a portion of the money they believe the victim will receive if they win their case.
The Benefits of Pre-Settlement Funding
There are several benefits to using pre-settlement funding for a medical malpractice lawsuit. First, pre-settlement funding can provide victims with the money they need to pay for medical bills, lost wages, and other expenses. This can be especially helpful for victims who are unable to work due to their injuries. Second, pre-settlement funding can help victims to move forward with their lives. The stress of financial hardship can add to the emotional and physical toll of a medical malpractice injury.
The Risks of Pre-Settlement Funding
There are also some risks associated with pre-settlement funding. First, there is no guarantee that the victim will win their case. If the victim loses their case, they will not have to repay the funding company. However, they will also not receive any of the money that the funding company advanced them. Second, pre-settlement funding can be expensive. The funding company will charge a percentage of the victim’s settlement or judgment. This percentage can be as high as 20%.
How to Choose a Pre-Settlement Funding Company
When choosing a pre-settlement funding company, it is important to do your research. There are many different companies that offer pre-settlement funding, and not all of them are created equal. Some companies are more reputable than others. It is important to choose a company that has a good reputation and that has been in business for a long time. It is also important to make sure that the company is licensed and insured.
Conclusion
Pre-settlement funding can be a helpful tool for victims of medical malpractice. However, it is important to weigh the risks and benefits before deciding whether or not to use pre-settlement funding. If you are considering pre-settlement funding, it is important to do your research and choose a reputable company.
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