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