What is a Wrongful Death Lawsuit Loan?
Contrary to what it might sound like, a wrongful death lawsuit loan has
nothing to do with paying your lawyer — the wrongful death lawyers
of Florida exclusively work on a contingent fee basis, so if they lose
your case, you don't have to pay them at all. Rather, such a loan
is essentially a loan
your lawsuit's presumed future payout.
Why Get a Wrongful Death Lawsuit Loan?
Simple: you have bills to pay today, and if the family breadwinner has
recently passed away, you have no income to pay them with. Such a loan
will give you the money you need today so that if the lawsuit drags on
for months or years — it can happen — you don't end up
a pauper by the time the money arrives.
Why They're Important To Your Case
The insurance company — or whomever is on the other side of your
wrongful death case — doesn't care a whit about you. They know
that you're living paycheck to paycheck and suddenly just lost a paycheck
— and they won't hesitate to use your desperation to force you
to accept a settlement of pennies on the dollar. If you get a wrongful
death lawsuit loan, however, your level of desperation drops significantly
— and thus you're better able to hold out for a bigger settlement.
Bigger settlements mean you get more money, your lawyer gets paid more,
the company that offered you the loan gets paid back with interest, and
basically everybody wins.
The downside of a lawsuit loan like this is that you have to be already
in settlement negotiations to get one — if there's still a chance
that you'll simply lose the case and get nothing, no sane company
would offer you a loan, because you won't be able to pay it back if
you lose. Depending on how assertive your lawyer is and how confident
the opposing counsel is, just getting to the settlement part can take
months, so you may already be desperate enough to just take the first
offer they give. Don't do it! Any Florida personal injury attorney
worth his or her salt will tell you to wait and hold out for a bigger
offer — when they do, ask them for help applying for a lawsuit loan,
and you'll be able to follow their advice without losing your shirt.