
A wrongful conviction can be a difficult and overwhelming experience. Fortunately, getting a wrongful imprisonment settlement loan provides you with much-needed financial relief after a terrible injustice. With this cash advance on your potential compensation, you can finally settle bills, get back on your feet, and reclaim your life.
One of the major benefits of lawsuit loans is that you can spend the money how you like – to meet different financial needs. However, it is still important that you spend it wisely. This cash advance is meant to sustain you and help you achieve financial stability until your lawsuit concludes. Here are some smart ways to make the most out of your wrongful imprisonment settlement loan:
Pay Down Debts
Being wrongfully imprisoned often leads to considerable debt piling up from legal fees, lost income, and other expenses. Likewise, interests will continue to accumulate on these debts as well. Upon receiving your settlement funding, you should use the cash advance to pay down as many of your outstanding balances as possible.
Furthermore, you need to prioritize high-interest debt like credit card debts, personal loans, and auto loans. After these, you can proceed to settle other loans, outstanding medical bills, past-due rent or mortgage payments, and other creditors or debt collectors seeking payment. Once you have reduced your debts, your potential settlement can go towards your future financial goals.
Establish an Emergency Fund
Another smart way to use your wrongful imprisonment loan is by setting aside a portion for an emergency fund savings account. This cash reserve protects against unforeseen or emergency expenses that may affect your financial situation in the future. You can set aside between three (3) and six (6) months’ worth of your basic living expenses.
The emergency funds will come in handy when you need to make unexpected home repairs, deal with medical issues, or pay any other surprise bills. Likewise, it can provide you with the peace of mind that little emergencies won’t unsettle your finances before you receive your full compensation.
Cover Basic Living Expenses
One of the main reasons to get pre-settlement funding is to allow you to comfortably afford basic living costs until your case concludes and you recover your financial compensation. Use a huge portion of your settlement loan reasonably for necessities, such as housing, utilities, groceries, transportation, and health insurance. Once your basic living expenses are covered, you can achieve financial stability and avoid accumulating additional debts. Also, you will be able to focus on your civil case totally.
Invest in Skills or Career Training
After losing many years of career and income opportunities due to wrongful imprisonment, you can spend your settlement loan wisely by investing in yourself, your career, and your future. You can register for vocational classes, certification programs, and technical schools. You can also explore community college courses or other affordable ways to learn new job skills and become marketable.
However, you should never allow your alleged criminal past or record to misrepresent your work potential. By boosting your productive capabilities and earning power through education, skill, or career training, you can save or direct your potential settlement toward meaningful goals.
Start a Small Business
Another way to spend your pre-settlement funds intelligently is by starting a small business or side gig. This provides you with self-employment income streams to augment your finances. Also, your finances will not be totally dependent on only what you’re expecting from your potential compensation.
You can use part of your settlement loan to launch an affordable online business, provide service-based consultations, or provide freelance services. You may also consider other low-cost business opportunities that fit your interests and skills. Having these productive income sources will improve your financial situation, regardless of when your case concludes.
Pay for Healthcare Needs
Sadly, being wrongfully imprisoned can affect both your physical and mental health. You may experience PTSD, depression, and anxiety disorders. You may also find it difficult to adjust to your new environment after your release. Therefore, you should use part of your cash advance to pay for your medical, dental, and mental healthcare needs.
Also, you should pay for checkups, treatments, therapy sessions, medications, and any other necessary healthcare services. This will allow you to finally regain your health after years of possible neglect – due to incarceration. You need to recover fully and start rebuilding your life.
Relocate or Obtain Housing
Depending on your living situation after your release, you can set aside portions of your settlement loan to establish proper housing or relocate to a new place. Also, you can use your funds to pay for a residential apartment, security deposits, movers, and other relocation needs. If you plan to own a home, you can start saving towards a down payment on your fresh start. By getting comfortable housing, you will have the peace of mind and stability to get through the legal proceedings.
Enjoy Life After Struggles
While most of your settlement loan should go into outstanding debts, living expenses, and building financial security, don’t be afraid to pamper yourself. You’ve been through severe hardships that most people cannot understand. You can spend part of your settlement funds on yourself and your family members who have supported you. Take small, affordable vacations, celebrate the holidays, and other simple joys of life. But most importantly, spend your money and enjoy it reasonably.
Conclusion
Being wrongfully imprisoned is a devastating experience that no amount of money can be enough to compensate. Regardless, getting a settlement loan provides you with the finances you need throughout your long legal battle. By spending your cash advance sensibly on priorities like debts, living expenses, savings, basic needs, skills development, healthcare, housing, and reasonable enjoyment, you can achieve financial stability and avoid accumulating further debts while rebuilding your life.
Call Us Today For Non-Recourse Legal Funding!
If you need an immediate cash advance to pay bills, settle debts, and reclaim your life after a wrongful conviction, applying for lawsuit funding may be right for you. Contact us at High Rise Financial today for a no-obligation consultation. Our trusted team can educate you about your available settlement loan options. Call us at (866) 407-6404 today to apply for lawsuit funding today.