Involved in a Lawsuit? 5 Ways to Keep your Sanity.

November 11th, 2010

If you are involved in a lawsuit, or are currently weighing your options, there are a few things you should keep in mind during the process to help it move smoothly, and keep your stress levels at bay. The legal process can be overwhelming, especially if you have medical bills piling up or are unable to work. These tips will help you keep your sanity and get through the process smoothly.

1.Do Your Homework.

1.The quality of your Attorney’s service, their compatibility with you, and their understanding of your case can all have a significant effect on your outcome.

2.Once you’ve created an initial list, be sure to speak with those you would like to work with directly. You’ll want to make sure you have a good rapport, and they are able to provide the time and resources you may need.

2.Don’t Take It Personally.

1.Lawsuits can be extremely stressful, especially when they involve someone you’re close to, or the company you still work for. Try to keep in mind that this process is business, not personal, and avoid taking offense to the people on the other side. Everyone has their own understanding of a situation, and your case shouldn’t have to lead to a soured relationship.

3.Accept Advice.

1.Before writing a letter, sending an angry email, or making a decisive phone call, be sure to consult with your Attorney first. They understand the implications of these actions, and will be able to advise you on the appropriate response (or lack thereof).

4.Maintain a Professional Image.

1.Although you may be out of work due to your situation, or may be overwhelmed with errands related to your case, it is important to always maintain a clean, professional image in meetings with your legal team and court appearances. Showing up early, turning off the cell phone, and dressing appropriately will all help you to maintain your credibility during this difficult time.

5.Leave it in the Courtroom (or Office).

1.The last thing you want to do is let your lawsuit cause detriment to your relationships with family and friends. Everyone has an opinion, and conversations can get heated quickly. Children may worry about the family’s situation, and relationships can become strained. So above all else, wherever possible, try not to discuss your case at home, or with family and friends.

Getting Out of Debt: 5 Easy Ways to Get Back on Track

October 1st, 2010

When you’re overwhelmed by a mountain of debt, whether due to a loss of income, excessive spending, or medical expenses, it can be very difficult to figure out how to get climb out of debt. While you probably can’t tackle it all at once, you can take small steps right away that will get you on your way to being debt-free. Below are a couple tips to get you started.

Don’t take on any new debt.

  • The revolving cycle of debt may cause you to use one credit card to pay another, take cash advances to pay bills, or use credit cards to cover daily expenses after your checking account has been depleted by paying bills.
  • Each of these activities will continue to dig you deeper into debt. In order to stop the cycle, you will need to budget your expenses and determine what you can, and can’t afford. If the resulting “can’t afford” pile consists of necessary expenses and bills, try contacting your creditors to explain the situation and temporarily reduce your payments and/or interest rates until you can get back on your feet.

Choose one bill at a time to pay off, and pay double the minimum every month.

  • By focusing on a single bill that you can pay off, you will be able to achieve a short-term goal that will not only free up more money every month to pay off other debts, but will make you feel like you are getting somewhere and not just spinning your wheels.

Look for new sources of income.

  • This is a great time to clean out your basement, attic, or closet, and uncover the items that may have resale value. Whether you host a yard sale, sell clothes on consignment, or offer more valuable items in an online auction, you may be able to generate a small savings account that will help you get back on your feet. But whatever you do, be sure to not spend this money on any new purchases. It should be used to pad a savings account or pay off debt.

Find the leaks and plug them.

  • Write down everything you spend for a week, and determine where the leaks exist in your budget. Maybe it’s a morning coffee or take-out lunch at the office that can be brought from home. By determining where your money is actually going, you will be able to develop a real budget and cut those costs that add up over the months and years.

Invest in Yourself.

  • In addition to making a strong effort to pay down existing debt, you should also focus on putting 5-10% of every paycheck into a high-interest savings account that is somewhat out of reach. By keeping your savings out of sight, you will be less likely to spend it.
  • In case of emergencies, you’ll be able to pull funds from your savings account, and not continue to build up the debt that you are working so hard to reduce.

For more tips on reducing debt, increasing your savings, and creating a budget you can stick to, check out these resources from Suze Orman and CNN Money.

Lawsuit Funding: Installment vs. Lump Sum Payment

September 1st, 2010

What is the right choice for you?

When looking at your options for pre-settlement funding from a lawsuit, it can be very difficult to figure out which pre-settlement plan is best for you. In order to help you make a better decision on the type of funding to look for, we’ve put together this simple checklist to secure the most cost-efficient and beneficial funding for your needs.

1. How much money do you really need, right now?

a) If you need to make large immediate payments, or are facing a significant hardship such as home foreclosure or vehicle repossession, then a lump sum payment may be the best option.

b) If your bills are manageable but you are coming up short each month, the installment plan may be the best option for you.  This plan reduces the cost of the funding and provides a monthly case flow.

2. In order to determine your immediate needs, we recommend creating a financial checklist of your immediate and long-term needs.  Be sure to reduce and/or eliminate all non-necessary costs. Then when you are ready to apply for a pre-settlement funding, you will be able to determine your true financial needs and then setup the most effective and cost-efficient plan

Disclaimer: Pre-Settlement Finance specializes in pre-settlement funding. They are not a legal services, financial, tax, or accounting firm, and the information presented here represents an opinion of Pre-Settlement Finance based on general observations. Please consult with your attorney and/or a financial professional before making any funding decisions.