Personal injury cases can end up being long, drawn-out processes. Several factors can lead to an elongated personal injury case, such as insurers delaying schemes, court/attorney scheduling conflicts, etc. That’s a topic for another day. The point is, it may take some time, but you deserve the maximum compensation you’re entitled to. Unfortunately, while you’re awaiting a resolution, which could take a long time, your financial situation could turn ugly.
You could be unable to work, and the compensation afforded to you before your case is resolved just isn’t enough to keep you afloat. You may have family to take care of, you may be in debt and your inability to pay off this debt is ruining your credit. The list can go on. You may eventually get so tired of the fight that you cave into accepting a low settlement, which can damage your financial situation in the future. Especially if your injury is likely to cause further financial upheavals that weren’t accounted for. Once you accept a settlement, you forfeit the right to pursue further financial compensation. It’s almost like a “catch 22” – financial survival today verses financial survival tomorrow. It’s a decision that requires serious thought, and can cause significant stress.
This is why the industry of “legal funding” was invented roughly 2 decades ago – to help individuals in the midst of personal injury cases stay afloat in their time of need. This industry denies the claim that they’re essentially a loan service. The reason these companies deny this is because you’re not obligated to pay them back should you lose your case. But, as they say, there’s always a catch. In this case, since you’re not obligated to pay these companies back if you lose your case, they are allowed to charge extremely high interest rates. Which is why we don’t recommend legal funding unless you desperately need it.
If your financial situation during a personal injury case is crippling to the point of not being able to provide for the necessities of life, it might be worth looking into…very, very meticulously.
So, we’d like to state some pros and cons of legal funding, and help you out with some pointers should you ever face the unfortunate situation of needing it.
So, if you are ever in desperate need of a loan because of a personal injury case and the financial problems arising, we believe you should turn elsewhere first. Could family or friends help out? Or, would you consider an installment loan? A loan from your mortgage or 401K is another last-resort resource.
If legal funding is an absolute necessity, make sure you do serious research on several legal funding companies. The Better Business Bureau may be a good start – if a company isn’t listed, it’s best you stray away. Check to see if the company states the rules that govern their client relationships on their website. Be prepared with all the insight you need before even filling out an application, which could be time consuming and costly.
We hope this helps you understand more about legal funding, and that you never have to consider it. Although it can be a life saver, it can also become a wallet breaker. And we simply don’t recommend it unless it’s your only resort to afford the necessities of life.
This is a really good question frequently asked by individuals who have a personal injury claim. “How will the losses I’ve incurred be assessed for monetary value?” We’d like to help break this question down for our readers, followers, and anyone who needs a direct answer. Problem is, the answer is not as simple as one might wish.
There are two types of losses, economic and non-economic in a personal injury case. Both are calculated differently, and it’s imperative that you have an experienced personal injury attorney with the knowledge and resources available to assess the monetary value of both types of losses. Economic losses can be much more straightforward to assess as opposed to non-economic losses. But both require the help of an experienced personal injury attorney. Insurance companies will always offer less than what you deserve for your losses/damages. So make sure there is someone on your side with the knowledge to tell you what you are really entitled to for each and every loss you’ve incurred or will likely incur.
Economic losses can be calculated by an experienced personal injury attorney. Economic losses include, but are not limited to:
Assessing monetary value for loss of past income can be simple. First, you need to ascertain your current average weekly wage. Then determine how much time you missed from work and do the math. But, placing a monetary value on future loss of income can be more difficult. Changes in the economy as well as your particular career (its demand can change in the future, and thus your value as an employee) and your ability to advance in your career have to be taken into account, as well. An experienced personal injury attorney will enlist the help of a “Vocational Expert” and/or an “Economist” as expert witnesses to calculate these factors and strengthen your case in order to maximize your compensation for future lost income.
A Vocational Expert can evaluate your specific job – what the position calls for in comparison to your skills, education, progress, etc. – and whether or not there are opportunities to advance in your job, leading to a higher salary. A debilitating personal injury might take away your potential for a raise or a promotion. Placing a carefully calculated monetary value on your future potential to earn income is crucial in getting you the full compensation you deserve.
An Economist can place a monetary value on your current and future lost income using their own knowledge of the economy. Economic inflation could directly affect what you would make in the future. So, Expert Economists take into account these potential changes in their assessment of your future loss of income.
Non-economic damages or losses include physical pain and suffering as well as emotional pain and suffering. This can be difficult to place a monetary value on. When you’re not in someone else’s shoes, how can you know how much they’re truly suffering, physically and/or emotionally? How do you know the degree of pain they’re in? Therefore, how can you place a monetary value on it?
An experienced personal injury lawyer will be able to get you the best financial outcome to compensate for your non-economic losses such as pain and suffering. That’s why it’s so important to always have an experienced personal injury lawyer to represent you should you ever be injured at the fault of another. Insurance companies have no set rule for placing a monetary value on pain and suffering, so fighting for compensation on your own simply isn’t in your best interest.
Experienced personal injury attorneys know that the jurisdiction your case is being held in plays a huge role in the settlement offer they can place for your pain and suffering. Certain jurisdictions are plaintiff friendly and others are defense oriented. This is a product of the juries that hear these cases in those jurisdictions. For example, you’ve been in a car accident and have incurred a broken arm. If your case is pending in a jurisdiction where juries are particularly generous you can expect a larger settlement offer than if your case is pending in a jurisdiction where juries are known to be stingy.
In many scenarios, an experienced personal injury lawyer may look at cases similar to yours that have taken place in your jurisdiction in order to determine a fair settlement value. They’ll see what types of verdicts other individuals with similar injuries in your jurisdiction have won, and come up with a monetary demand for settlement in close proximity to that number. So, if you live in Suffolk County, and your personal injury has left you with a broken leg from a bicycle accident, your lawyer may look at the most recent personal injury lawsuits involving individuals who’ve suffered a broken leg. Then, they may come up with a similar settlement demand for your pain and suffering with those recent, comparable cases in mind.
The best time to calculate the value of a case is after you have fully recovered from your injuries, returned to work and are no longer receiving medical treatment (note: the right time to calculate your case is different than the right time to settle your case). However, in certain cases there may not be a full recovery. In those cases the best time to calculate your damages is when the full extent of your injuries can be ascertained and you have reached maximum medical improvement.
We hope this helps our followers in understanding how damages/losses are assessed in personal injury cases. We also hope it helps others realize how very important it is to have an experienced personal injury lawyer representing you. These losses are assessed much differently by insurance companies, and you simply won’t win the amount you need for a full, financially backed recovery without a resourceful lawyer representing you.
You hear about post-traumatic stress disorder (PTSD) that military service members experience from active duty. However, studies now show that many motor vehicle accident victims also suffer from PTSD.
According to the National Center for PTSD, research shows motor vehicle accidents are a common cause for traumatic stress, including:
While many people experience PTSD symptoms right after the traumatic incident, others may not experience them until months or even years later. Symptoms often include:
In any given year, approximately 1% of the US population will be injured in motor vehicle accidents — more than 3 million injuries annually.
Here are some facts taken from motor vehicle accident (MVA) studies regarding PTSD:
Researchers also found that the greater the physical injury and fear of dying (due to potential life-threat), the greater the chances of developing PTSD. Loss of significant others through motor vehicle accidents also makes people more prone to PTSD.
Treatments for PTSD include behavior therapy, cognitive therapy and medications. Working with a chronic pain specialist can be done together with mental health treatment.
Unfortunately, many people continue to experience symptoms for more than six months or a year before seeking mental treatment. An experienced personal injury lawyer can help you seek damages to cover PTSD treatment as part of an accident settlement.
