If you’ve been in an accident that has left you with serious injuries, then you’re probably worried about how you’re going to make ends meet as you focus on your recovery. If you are unable to work to earn a living, it doesn’t take long for extensive medical bills to come due, rehabilitation costs to rack up, and your savings to dry up. So, what are you to do?
Waiting for the outcome of your personal injury case
A personal injury claim may be a good way for you to recover the compensation that you need to cover your damages, but the process is going to take some time to play out. There are steps that you can take in the meantime, though, to ease the financial burdens that have been unfairly thrust upon you. Here are just some of your options:
- Turn to your insurance: This seems obvious, but you’ll want to make sure that you exploit any applicable insurance policies as fully as possible. This means understanding the terms of the policies that are in play an pushing your insurance company for a quick payout. Keep in mind that even the best insurance policies are going to cap how much they will pay.
- Utilize a hospital lien: Your biggest expenses are probably going to be tied to your medical care. You can probably work with your health care providers to hold off payment until your personal injury claim resolves. This might involve entering into a written agreement that gives the hospital an interest in the outcome of your personal injury claim, but it’s a great way to avoid the financial burdens of these expenses until such time as you’re able to pay them.
- Take out a lawsuit loan: Another option is to seek out a personal injury lawsuit loan. Here, you’re able to acquire funds to help cover your day-to-day expenses until such time as your legal claim resolves. Although this can be a good way to find a quick infusion of cash, you need to realize that there are some risks associated with these loans. To start, they carry interest that can quickly balloon the balance of the loan. Additionally, you don’t know how your case is going to turn out. Even if your claim results in a lower-than-expected recovery or no recovery at all, you’re going to be on the hook for repaying this loan.
- Seek help from family: We know that a lot of people try to avoid this option, but it can be a good way to find financial stability while you await the outcome of your case. If you feel uneasy about turning to family and friends for help, then think about drawing up a written agreement that specifies how much is being borrowed and how it will be paid back. This might make your loved one more comfortable with the process, too.
Fight for the robust recovery that you deserve
As you navigate financial stability, you still need to focus on how to make your personal injury case as strong as possible. This is going to be the best way to ensure that you have the long-term stability that you need so that you can focus on recovering as fully as possible.
