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Your options for paying bills after your car accident

On Behalf of | Dec 22, 2022 | Car Accident, Personal Injury |

Figuring out how to get by in the aftermath of a wreck can be difficult. There’s the physical and emotional pain and suffering that you have to contend with, and the financial realities can quickly dawn on you, leaving you worried about your short- and long-term financial stability. This may be especially true if you’re like most people and don’t have tens of thousands of dollars saved up for emergencies like this.

So, what can you do to try to offset your losses? Your best bet is to pursue a personal injury claim but doing so can take time. While you’re waiting for your case to play out, you’ll need to find a way to cover your bills. This is certainly easier said than done, but there are some options at your disposal. Let’s look at some of them.

Turning to family and friends for financial support

 Some people think that the easiest way to find financial relief after an accident is to simply ask family members and friends for help. This might help to a certain extent, but your damages may be more than your support system is able or willing to cover. If you do secure financial support in this fashion, though, you might want to consider creating a written borrowing agreement so that you and your loved ones don’t end up fighting over miscommunications and dashed expectations.

Asking your healthcare provider if they’ll use a lien in place of immediate collection

 The hospital and medical professional who treated you after your accident will want to be paid pretty quickly after providing services. But these costs can be extensive, and you might be unable to immediately pay them.

If this is the case, you can ask if the hospital will use a lien in place of immediate collection. Here, the hospital agrees to hold off on immediately collecting the debt in exchange for an interest in your lawsuit recovery. In other words, once your case resolves, you’ll be obligated to pay off your medical debt. Remember, you might still be on the hook for any debt that remains if your judgment doesn’t fully cover your losses.

Consider taking out a lawsuit loan

If necessary, you may have to turn to other modes of borrowing to ensure that your needs are covered and your financial obligations are met post-accident. A lawsuit loan may be able to help you bridge the gap between your wreck and your claim’s recovery. It’s important to note that your claim recovery may not fully cover your losses and the loan that you took out, which could leave you holding the bag on significant loan amounts and interest that has accrued. So, you’ll want to be careful if you’re considering this option.

Reducing costs

Another way to get by while your claim is pending is to reduce your expenses. You might be able to identify discretionary spending that you can curtail by creating a budget and identifying areas where you can save. It may be painful to do so, but remember that these sacrifices should be short-lived, lasting only until your personal injury case resolves.

Presenting the strongest legal claim possible

 Of course, you’ll need to make sure that you’re presenting a persuasive case if you want to recover as much compensation as possible from your legal claim. That’s why it might be helpful to have a legal advocate by your side. By getting help from one of these professionals, you might be able to secure the outcome that you need to provide you with the financial stability that’s necessary to allow you to focus on your physical and emotional recovery.