After suffering a critical injury, it is not uncommon for victims to have exorbitant medical expenses. After all, the United States has some of the most expensive healthcare costs in the world. Unfortunately, despite the severity of your medical expenses, if you do not pay your medical bills, it could be devastating for you and your family financially.
However, when you are going through a lawsuit or insurance negotiations to recoup your losses, you may be able to get an advance and access medical legal funding which could help you stay afloat. Here is more about what you can expect if you are unable to pay your medical bills.
The Impact of Not Paying Your Medical Bills
Failure to pay your medical bills on time could be devastating for you financially. Although you may be unable to make payments, speaking with your creditors will be essential if you hope to avoid having your medical bills sent to collections.
In the event your medical bills are sent to debt collectors, the debt collectors will make haste in attempting to recover this debt. You can expect this to have a devastating impact on your credit report and score as well. This may make it difficult or impossible for you to obtain lines of credit, open bank accounts, or achieve financial stability.
The emotional trauma that comes with being hounded by debt collectors can often be difficult on your mental health. For these reasons, it is critical to figure out how to get your medical expenses taken care of before your credit is affected, your wages are garnished, or you are harassed by debt collectors.
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How to Get Your Medical Bills Covered Now
If you are hoping to get your medical expenses covered now, looking into medical legal funding may be a good option for you. If you are dealing with medical expenses caused by another party’s negligent actions, you should not be stuck dealing with these medical expenses at all.
Although the medical bills are in your name, the liable party should be ordered to cover them. Your personal injury lawyer can help you through the civil claims and insurance negotiation processes so you can get your costs covered.
However, while you wait for your settlement funds to come in, your medical bills still need to be paid. For this reason, medical legal funding could be a good option for you. Here, you can get a portion of your settlement now so you can cover your outstanding debts and expenses, and begin to get your life back on track.
Legal Funding Is Not Just a Bank Loan
One of the great things about medical legal funding is the fact that they do not act in the same way traditional bank loans do. If you were to approach a financial institution such as a bank or credit lender, the lender would make you jump through hoops before your claim could be approved.
You may need to provide proof of income, provide the financial institution with credit references, and have a good credit score. If you do not have good credit, the bank still may be willing to issue you a loan, but you may need to agree to exorbitantly high-interest rates and compound interest.
Legal funding is unlike a traditional bank loan. We do not require a source of income or good credit for loan approval. In fact, we do not even run your credit when we are reviewing your application for pre-settlement funding. We also never charge our clients compound interest.
Your pre-settlement loan is non-recourse. If your lawyer is unsuccessful in pursuing compensation in court, you will not be expected to pay back your lawsuit loan. If you used your legal funding to cover your medical expenses, you would not need to worry about High Rise Financial attempting to recover the debt. We absorb the risk so you do not wind up in further financial straits.
How to Qualify for Medical Legal Funding
If you are hoping to qualify for medical legal funding, you will need to be working with an attorney. Most personal injury lawyers will only agree to take on a case if they think they can win. This is because they work with injury victims on contingency. Are you paying anything for your lawyer upfront? If not, your lawyer is likely working for you on contingency. You will pay them back with a portion of your injury settlement. You can think of your medical legal funding as an advance on your settlement.
If you are not working with a lawyer, there is no guarantee that High Rise loan specialists can grant you pre-settlement funding. Your lawyer must anticipate a payout in your case for our team to approve your application. However, once we have reviewed your application and determined how much we can authorize, you can expect access to your funds in just hours.
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Pay Off Your Medical Bills with No Risk
There is little to no risk in taking out a lawsuit loan to cover your medical bills. When you are having trouble covering your medical expenses, one of the worst things that could happen is financial distress. Between debt collectors, wage garnishment, and the risks of potential bankruptcy, you may be hesitant to take out another loan.
However, our legal funding is not based on your credit or ability to pay back the loan. If your lawyer does not win your case, you do not have to pay back your loan. This is a risk-free opportunity for you to get your medical expenses covered now, so you do not need to worry later.
Contact High Rise Financial for Help Covering Your Medical Bills Today
Despite the overwhelming healthcare costs, it is important to take steps to set up an arrangement to cover your medical expenses now so you can avoid wage garnishment, issues with your credit report or score, and other financial implications.
Contact High Rise Financial for help accessing medical legal funding as soon as today. Fill out our quick contact form, apply now, or call us to discuss the specific details of your case with our experienced loan specialists.