Brian Ofsie Discusses Lawsuit Funding
This is a guest post by Brian Ofsie, a Senior Vice President at Delancey Street. At Delancey Street, Brian interfaces with clients and attorneys alike when it comes to all aspects of lending. When it comes to personal injury lawyers and plaintiffs, many look forward to lawsuit funding in order to finance the costs of litigating cases and paying for personal expenses.
Lawsuit funding is a type of cash advance, which means you aren’t obligated to repay it unless you win your case. If you don’t win your case, you aren’t obligated to repay a penny. Regardless of whether you’re the plaintiff, or the attorney in the case who takes the litigation financing, you don’t need to repay the funds given as a part of the lawsuit cash advance if you lose the case. The only time a client is asked to repay the funds is if they win the case.
Brian Ofsie discusses why many attorneys choose lawsuit funding
Many attorneys consider lawsuit funding because they need funds in order to continue paying for the on-going expenses associated with the case. Most personal injury lawyers are working on a contingency fee basis – this means they are fronting all the costs, and aren’t getting repaid until/unless they win the case. When working with a lawsuit funding company like Delancey Street, attorneys can float this cost by getting the funds advanced to them from a company like Delancey Street, according to Brian Ofsie. It’s common for attorneys to use the funds to pay for expenses such as an expert witness, forensic analysts, etc. For example, if you are the victim of medical malpractice – you’ll need an expert witness – such as a doctor, to give testimony about why the doctor who committed the malpractice is responsible for your pain and suffering – and how he/she made a mistake.
Why plaintiffs like lawsuit funding
It’s common for plaintiffs who need financing in order to make ends meet to consider lawsuit funding. If you have to pay bills, etc, then lawsuit funding is the way to go. One of the great reasons why plaintiffs choose lawsuit funding is the fact it’ non-recourse, there’s no credit check, and you don’t have to demonstrate your ability to repay the funds. The only thing that matters is the strength of your case. For this reason, and many others, lawsuit funding is a great way of getting funds in order to make ends meet.
According to Brian Ofsie, if you’re on the fence and not sure about what to do, but need funds, then lawsuit funding is the way to go. You can be eligible for lawsuit funding, according to Brian, regardless of the type of case you have.