Spinal cord injuries are severe, which means severe pain and costly bills. If you filed a personal injury case for your spinal cord injury and are struggling financially, you may be eligible to receive legal funding. Legal funding can be helpful in this stressful time as you wait for your lawsuit to conclude.
Pre-settlement funding doesn’t put you at any financial risk — no taxation and no interest. Our company assumes the risk, so you don’t have to worry about accumulating any debt like you would with a traditional lawsuit loan. Pre-settlement funding is a quick and easy process that may be right for you.
Costs of Spinal Cord Injuries
The cost of getting treatment for a spinal cord injury alone is expensive with surgery costs and medical bills. But unfortunately, the costs of a spinal cord injury don’t stop there. Recovering from such a significant injury may take years or even a lifetime. The real spinal cord injury cost can be surprising, so let’s break it down.
The most severe spinal cord injury could cost as much as $1.2 million for the first year and about $78,000 per year, which does not include lost wages. The lowest level of spinal cord injury can still cost up to $379,000 for the first year and $46,000 per year.
But what type of things make up these expenses?
- Rehabilitation: speech, mental, and physical therapy
- Traveling to different cities for treatment
- In-home care aides
- Medical equipment: wheelchairs, canes, back braces
If you don’t take these costs into consideration, they can add up and become overwhelming. Pre-settlement funding may be able to help cover the many expenses that come with recovering from your spinal cord injury.
Types of Accidents that Cause Spinal Cord Injuries
A variety of accidents can contribute to a spinal cord injury, many of which we offer legal funding for. According to a 2020 facts and figures report by the National Spinal Cord Injury Statistical Center, the most common types of accidents include:
- Car accidents (38% of cases)
- Slip and Fall (32%)
- Assault (14%)
- Sports (7%)
- Medical Malpractice (4%)
- Other causes (3%)
If any of the above accidents sound like your case, we may be able to provide you with a lawsuit loan. You can see the locations we offer legal funding for on our states page. The cost of treatment may vary depending on how you sustained your injury because some accidents may cause more damage than others.
How You Can Qualify for Legal Funding
To qualify for a traditional lawsuit loan, companies often require a credit check to make sure you’re financially stable enough to pay back the loan. That’s the difference between legal funding and a conventional loan. We don’t need to know your financial situation. There are only a few standard requirements to qualify for legal funding.
To qualify for pre-settlement funding for your spinal cord injury case, you must meet the following criteria:
- Have an eligible case type
- Have a valid personal injury claim
- Have a lawyer that agrees to third-party funding
- Be a resident of the respective state
- Have a pending lawsuit in your state
And that’s all we require. We don’t ask to see personal financial information like credit scores, bank statements, or tax returns. We care about getting you money while you wait for the verdict of your lawsuit. You won’t fall into debt or have to pay any monthly payments, so you can focus on recovering from your injuries.
To apply to see if your case qualifies for legal funding, you can call us or fill out the form to the right. By providing a few details about your case, our specialists will look at your case and get back to you in a timely manner to inform you if you are eligible to receive pre-settlement funding.
How Pre-Settlement Funding Can Help Cover Costs
While you wait for your case to finalize, legal funding can help relieve financial stress. Whether you’re running low on income because you’re out of work or bills are piling up, you can rely on your legal funding to cover those costs. Pre-settlement funding can assist you in paying essential expenses like:
- Medical bills
- Rehabilitation costs
- In-home care
- Medical equipment
By spending your pre-settlement funding on essential things, you can guarantee that it is not taxable. The money can’t be taxed because it’s an advance of your expected settlement. The only way your pre-settlement funding can be subject to taxation is if you invest it. In that case, the money will be treated as a regular investment.
How Long Will It Take to Get Money?
Once you’re approved to receive a lawsuit loan, you can expect a check from us within 48 hours. To receive your pre-settlement funding, your lawyer will need to provide details of your case, so our underwriting team can estimate how much we can offer you.
While we say you can receive legal funding within 48 hours, please remember that there may be factors that we cannot control. These factors can include mail services, your lawyer’s cooperation with us, and your state’s laws on the amount of damages you can receive. However, with your patience and our team’s efficiency, we will send your check to you as soon as we can.
Don’t Pay Us Back If You don’t Get Compensation
We assume the risks with our legal funding, so you don’t have to. If you lose your case, you can keep the money from the lawsuit loan we provided to you. There are no penalties for losing your case.
The IRS classifies our lawsuit loans as non-recourse, which means you are not responsible for repaying it. We provide the legal funding to help you while you wait for your case to resolve. You don’t need to repay us if you don’t get compensation.
How do I Repay If I Win My Case and Receive a Settlement?
If you do win your case or your case settles, the defendant’s lawyer will send your lawyer a check, either in the form of a lump sum amount or a structured settlement. How your settlement pays out will depend on the details of your case, and you may have an option to choose.
We will deduct the exact amount of legal funding we provided to you from your settlement.
You won’t have to pay any interest, just a one-time, flat-rate fee that will be automatically deducted from your settlement. Your lawyer will also deduct legal fees from your settlement. Afterward, the rest of the money will be yours to keep.
High Rise Financial Is Ready to Get You Money
If you’re ready to apply for legal funding with High Rise Financial or you still have some questions, call us or fill out the contact form on our contact page. We can go over your pre-settlement funding options, determine if your case is eligible for legal funding, and give you an estimate of how much your pre-settlement funding may be. We’ll work with you to get legal funding so that you can focus on your recovery.