Can You Ask Your Attorney to Loan You Money in Your Lawsuit? NY Medical Malpractice Lawyer Explains


You suffered terrible injuries because of
your doctor’s carelessness. Or maybe you were involved in a terrible car
accident and now you’re at home, you can’t pay your rent, you can’t pay your mortgage,
you can’t pay your bills, you can’t put food on the table. Can you ask your attorney to loan you money
in advance of an anticipated settlement in your particular case? You want to know the answer? Come join me for a moment as I share with
you an open your eyes to something you may not have considered. Hi. I’m Gerry Oginski. I’m a New York medical malpractice and personal
injury attorney. And the answer is, in New York, no, an attorney
cannot loan you money in anticipation of you recovering money as compensation for your
injuries. It’s not going to happen. Your attorney is not a banker. Your attorney is not a loan shark. You attorney cannot and will not loan you
money to go ahead and pay for your expenses. As unfortunate as it is, as sympathetic as
he is to you and what’s going on with you, he cannot do that. You should know that when an attorney takes
on your case, he goes ahead and agrees to pay all the expenses in a medical malpractice
matter. That means the administrative fees to go ahead
and get your case started, the fees to hire the best medical experts, the fees to go ahead
and prosecute your case and have court stenographers present during pretrial testimony, the fees
to go ahead and investigate, to hire private investigators, there are a lot of fees that
go into prosecuting a case. And an attorney that takes on your case agrees
to pay those expenses and works on a percentage basis, which means you don’t have to pay him
an hourly fee. He only recovers a fee if, if and only if
he is successful in getting you money. So to go back and answer the question, you
don’t have the money to pay your bills. You’re now desperate. Why? Because you’re out of work, and now you ask
your attorney, “Hey, can I borrow some money. I’ll pay you back as soon as this case settles,
or gets jury verdict.” The answer is no. However, there are certain companies known
as settlement funding companies, as litigation funding companies. You should know that a lot of attorneys will
not recommend you do that. Why? Because there are risks associated with obtaining
money from these various companies. The first risk is the significant interest
rate that you will be charged the moment you take money to go ahead and pay for those basic
expenses. And that money, that interest will continue
to accrue over the course of your entire litigation period. And then your attorney is going to have to
guarantee that if you’re successful that the money that is repaid to them gets paid back
first. After the attorney’s expenses are paid, after
the attorney’s fee is calculated, that they are the first ones who then get repaid first
before you ever get your share. And that’s a problem. It’s a problem because sometimes, depending
upon how long your litigation is going to go on, could be two or three years, that interest
rate will continue to grow, and grow, and grow. And in some instances, I have to tell you
this, in some instances the amount of interest you pay might even be more than what it is
you’re going to recover. And that’s a bad situation to be in. So why do I share this great information with
you? I share it with you just to give you an inside
look at what goes on in these medical malpractice cases, these accident cases, and even these
wrongful death cases here in New York. You know I recognize that you’re watching
this video because you have questions or concerns about your own matter. Well if you’re considering bringing a lawsuit
and still have questions that need to be answered, what I invite you to do is pick up the phone
and call me. I can answer your legal questions. You know, this is something I do every single
day and I’d love to chat with you. You can reach me 516-487-8207, or by email
at [email protected] That’s it for today’s video. I’m Gerry Oginski. Have a fantastic day.

Paul Whisler

4 Comments

  1. While dealing with the discovery of estate theft and inheritance hijacking, I had to check to see if my particular case allowed for a family allowance but I never heard nothing back, I asked twice. At least your video gives me some idea and some guidance. Someone took advantage of my dad who had Alzheimer's, which is why I had to deal with a situation that went to all the way to trial. The fraudster who caused this mess used her POA powers to benefit herself from my dad's life insurance policy that I didn't know existed until after his death. Worse yet I know I don't I didn't know dad was still alive but I also didn't get to participate in helping arrange his funeral. I was only alerted after the fact when everything was already gone. Being disabled and on fixed income, when the fraudster did what she did, she pretty much took a car away from me when she stole that money. The insurance company became noncompliant when I tried to sound the alarm that something was wrong and they still ended up giving my money to the fraudster who wasn't even entitled to it nor was she family. She knew I existed and yet she went ahead with her plan that I didn't know about until much later. I only wish I would've gotten that allowance for a decent car because I need it far worse than most people around here given my particular circumstantial situation

  2. Great video Attorney Oginski, I agree with you 100% regarding Litigation Funders who charge a substantial amount on advancements. However, there are some company's that charge a flat fee which is a win win situation for the plaintiff in need of emergency money. I am Certified Pre-lawsuit Settlement and Litigation Financing Specialist and we help individuals get funding at a low cost "flat fee" during their challenging times. They get to keep their money minus the flat fee whenever their case is completely settled. It is non-recourse funding so if they loose their case, they owe us nothing. We love working with Attorneys, we also offer Litigation Financing to Attorneys who want to take on larger cases, or just want to grow and expand their practice. We can advance $500-$5,000,000. Let me know if I can be of service to your Law platform. [email protected] ask for Thomasina Tammy Adams. new subscriber.

  3. I have a question, do lawyers lend out a phone for a client for them to be able to maybe log in on social media or call their mother or something like that?

  4. That's contingency. Now days It's very rare to find attorney that work on contingency.

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