Following a serious car accident, your life can feel chaotic. You might have several medical appointments to keep, you might be forced to find new ways to live your daily life on account of your injuries, and you’ll probably have to find ways to cope with the emotional and psychological trauma that’s been caused to you. As if that’s not enough, the financial strain associated with your recovery can feel like a vise grip on your stability and your future.
Dealing with that pressure can be challenging, to say the least, but there are steps that you can take to stabilize yourself. The most obvious is to file a personal injury lawsuit against the individual who caused your accident and thus your injuries, but one of these claims can take a while to play out. So, you’ll want to consider other options.
How can you retain financial stability during your personal injury case?
If you have enough savings to get you through until such time as your personal injury lawsuit resolves, then that’s your best bet. But if you’re like most people, you don’t have tens of thousands of dollars tucked away for an emergency of this magnitude. So, what other options do you have? Let’s take a look:
- Asking your support network: If you’re lucky, you’re surrounded by a strong support network of family and friends. These individuals might be willing to help you out financially, or they could pitch in in other ways to help you reduce your costs. Either way, this is a good first place to turn for help. Even if your loved ones are uncomfortable with giving you money, you can suggest creating a formalized borrowing agreement that gives them a greater sense of security.
- Utilizing a hospital lien: Your medical bills are going to quickly come due. If you don’t have the funds to pay them, then you might find yourself in a difficult spot. Fortunately, hospitals deal with car accident victims like you all the time. As such, they know that you might struggle to pay what’s owed. That’s why your medical provider may be open to a hospital lien, whereby they holdoff on collecting the debt that you owe in exchange for a promise that you’ll pay them back once you recover compensation from your personal injury case.
- Considering a lawsuit loan: As an option of last resort, you can consider taking out a loan aimed at helping you cover your living expenses until you recover compensation from your personal injury case. Although these loans can be easy to get, they can be expensive given that they usually have high interest rates attached to them. So, be careful before utilizing this option.
Something else you can do to ease your financial pressures post-accident is to create a budget that realistically accounts for any financial resources you have, your savings, and your expenses. At the very least, this will give you a sense of what you need to secure in support to ensure that you’re needs are met.
Focus on building an aggressive personal injury case
As you’re struggling to figure out how to make ends meet after your wreck, you should also devote attention to building your personal injury case. After all, if successful, this claim is going to give you the financial stability that you need and deserve. So, be sure you devote the time and skill needed to build the persuasive case necessary to position yourself for a successful outcome.
