When you’ve been injured on the job, you may be eligible for workers’ compensation benefits. Unfortunately, these benefits can take a while to kick in. While you’re working with a lawyer to assure you will be awarded the benefits you need and deserve, it’s likely you’ll have outstanding medical bills and everyday expenses to worry about. Instead of choosing between paying back the hospital and putting food on your table, you can apply for workers’ compensation lawsuit funding.
It’s important to note that pre-settlement funding is not available in all states. At Preferred Capital Funding, we serve personal injury victims in the following locations: Alabama, Arizona, Colorado, Florida, Georgia, Illinois, Iowa, Louisiana, Maine, Michigan, Mississippi, Missouri, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Oregon, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming.
The Benefits of Lawsuit Funding
Legal funding is a valuable resource for personal injury victims who are struggling financially while waiting for the case to be resolved. Understanding the advantages can help you decide if applying for pre-settlement funding is right for your situation.
If you’ve filed a workers’ compensation claim, it’s likely you’re unable to work for an extended period of time. Even if you have an established savings account, that may only get you so far when it comes to taking care of your medical bills and your family. You may be considering settling early for less than you deserve, if only so you can keep the lights on. Pre-settlement funding, however, can give you and your lawyer the time you need to pursue fair compensation.
Additionally, applying for lawsuit funding is simple. You only need to have an active workers’ compensation claim for an accident at work, suffered injuries as a result of the accident, and have legal representation. We won’t need to conduct a background check or look into your credit score, expenses, or collateral. If you qualify and your lawyer is willing to work with us, we can start examining your request and determine if lawsuit funding is right for you.
There are also benefits to the repayment process. You won’t have to worry about making monthly payments or accruing interest. Instead, all fees and interest are calculated prior to you accepting the funding. This is so you know the exact amount you’ll owe us when it’s time for repayment. Lawsuit funding is considered non-recourse, which means you only have to pay us back if you win your case. If your claim is successful, you’ll pay us back in one lump sum from your awarded compensation. If the outcome is not in your favor, you will not have to pay it back in most states.
As with anything, it’s important to recognize that, depending on your situation, there may be disadvantages to applying for pre-settlement funding. If you don’t have a strong case proving you were wrongfully injured, you may not be eligible for funding. You’ll also want to be careful about how much money you request. If you apply for too much, you could run into financial trouble later.
Workplace Accidents and Injuries
Even though there are federal safety regulations in place, millions of employees are injured every year when their employers neglect to follow laws. This is often done to save money or time. The most dangerous industries to work in include agriculture, mining, construction, manufacturing, retail and wholesale trade, transportation, utilities, healthcare, and hospitality. The majority of accidents are related to operator errors, defective equipment, electrical incidents, falls, inadequate training, scaffolding accidents, falling objects, and work-related motor vehicle accidents.
While there are some injuries, like repetitive stress injuries, lacerations, or broken bones, that are likely to heal well over time, catastrophic injuries are possible. When someone falls a significant distance or is electrocuted, they could suffer from spinal cord injuries, traumatic brain injuries, or serious burns. If the injuries result in permanent conditions, a person may never be able to return to work.
What Doesn’t Workers’ Compensation Cover?
Workers’ compensation laws vary by state. In general, your medical expenses, like bills for hospital visits, procedures related to your injuries, and medications, should be covered. In some situations, you may also receive a portion of your wages that you would have earned if you hadn’t been injured. Your settlement will ultimately depend on how bad your injuries were, who was responsible for the accident, what state the accident happened in, and what type of insurance your employer has.
While the workers’ compensation benefits will help you, they won’t cover all of your expenses. You will still need to pay for housing, food, and other day-to-day costs. In order to recover fully and maintain your quality of life, you may want to consider applying for workers’ compensation lawsuit funding.
Preferred Capital Funding Can Help
While our offices are located in Illinois, Ohio, Missouri, and Nevada, we help personal injury victims all over the country. Get started today by filling out our online application. All you need to provide us with is some basic contact information, what type of case you’re dealing with, and how much money you’re requesting. Our legal underwriters will review your application, and one of our lawsuit funding specialists will get back to you as soon as possible.
After we discuss the merits of your claim with your lawyer, you could have your money in a few business days. The amount we offer ranges from $500 to $500,000 and will be based on how much you request and your unique circumstances. If you’re ready to focus on recovery, apply online or call us today to get the construction accident lawsuit funding process started.