Question: You're having trouble paying my bills. Can you get a loan from your lawyer to help pay your bills until your lawsuit is over?
Answer: New York’s ethical rules prevent me from loaning money to clients. I cannot loan a single penny to you and if I did, I would be lose my license to practice law.
If you are in dire financial straits and on the verge of losing your home to mortgage foreclosure, there are companies that will lend money to you in return for an extremely high rate of interest. These lenders, like Peachtree Financial, will take a “lien” in your lawsuit that guarantees they will be paid back when you win your lawsuit.
I have NEVER recommended these lenders. In my view, the lenders take advantage of injury victims like you by charging a ridiculously high rate of interest. And the lenders won’t lend money to you unless they are almost sure you will win your case. There’s really very little risk for the lender.
Taking a loan from a third-party lending institution based on the value of your lawsuit is just a bad move for you.
Do you have questions? You can get our free ebook, The Seven Deadly Mistakes of Malpractice Victims, just by providing your name and email address at the home page of www.protectingpatientrights.com. We promise your information won’t be shared with third persons. And if you’d like to speak with me about your case, I welcome your phone call at 1-866-889-6882. I look forward to speaking with you.