The financial realities of your car accident can quickly set in. In what may seem like an instant, you’ll be hit with medical bills that far exceed what your insurance is willing to pay, and your inability to work will probably render it impossible to meet those financial obligations in addition to your day-to-day living needs.
If you’re in that situation now, there’s no doubt that you’re stressed to the max and worried about how you’re going to keep a roof over your head and food on the table. These are legitimate concerns. Although they can be frightening, you shouldn’t let them drive you into a sense of hopelessness. There are ways to cover your bills.
How are you going to make ends meet?
Looking at the long term, you’re probably going to have to pursue a personal injury lawsuit if you want to recover the compensation that you need to offset your damages. But your bills are going to quickly pile up, meaning that you can’t wait for your claim to resolve before you secure financial resources.
We understand that, which is why we want to provide a little insight into some options that you may have to cover your expenses while you wait for your legal claim to play out. With that in mind, here are some of those options:
- Obtain a medical lien: Even if your medical provider seems pushy, try talking to them to explain your situation. You may be surprised by how accommodating they are. In many instances, accident victims are able to secure a hospital lien, which is essentially an arrangement where the medical provider holds off on collecting outstanding medical debt as long as you agree to give them an interest in the outcome of your personal injury case. That way, once your case resolves, your medical provider can be paid immediately. This is usually a workable arrangement that is beneficial to all parties involved.
- Consider a lawsuit loan: If you need cash to cover your day-to-day expenses and don’t have the savings you need, you can turn to a lawsuit loan to help bridge the gap until you resolve your personal injury claim. Just keep in mind that you’ll be paying interest on this loan, and you’ll have to repay the full loan amount even if your claim ends up settling for less than you expected.
- Ask family and friends for help: Another option is to turn to your own support network for assistance. We know this isn’t always easy to do, but it’s a way to secure financial support without having to worry about interest and other borrowing terms. If it helps, you can even reduce your borrowing arrangement to writing; that way, you and your loved one are comfortable with the obligations and responsibilities of all of the parties.
You might have other options at your disposal to help offset your expenses while your lawsuit is pending. You might be able to pull from savings or retirement accounts, and you may be able to reduce your expenses by cutting out some discretionary spending or downsizing. You just have to find an approach that works for you while remaining cognizant of the financial implications of each decision.
Don’t lose focus on your legal claim
As you’re trying to figure out how to get by on a day-to-day basis, it can be difficult to remain focused on your personal injury lawsuit. And doing so could put your recovery at risk. That’s why it might be best for you to have an advocate on your side who can handle the legalities of your case while you focus on your recovery. If you want to learn more about what an attorney can do for you in your case, please consider reaching out to a legal team that you think is right for you.