Q: Is it possible to get an advance of around 5,000$ while waiting for the case to settle? Pedestrian vs car has
Obviously in the circumstance that it's VERY straight forward such as car vs pedestrian trip to the ER and the definately had insurance
Yes, there are companies, who will provide no recourse advances against your recovery (settlement or judgment). Advances are monies paid to a claimant or plaintiff with a promise to repay with interest. No recourse means if you don’t recover money, then you would owe nothing (this means no settlement or judgment).
However, the interest rates for an advancement are very high, and you are better off using a credit card or get monies from friends or family if you can. So you should only get an advance if you have no other choice and are desperately in need of money.
Your attorney would need to agree to the advancement (they sign the agreement), which places a lien against your recovery. You should think long and hard before getting an advance, because you could end up paying a large portion of your recovery to the advancement company, sometimes paying 2 to 3 or more times than you were advanced.
A: Your attorney is not a bank. However, an attorney can loan money to a client based upon a promise of repayment, pursuant to Rule of Professional Conduct 1.8.5(b)(2). This creates a conflict of interest between you and the attorney which must be the subject of a written agreement per Rule 1.7, and 1.81.
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