You might have been injured in a car accident and are worried about how you’re going to make ends meet. After all, your medical expenses can quickly exceed your insurance policy limits, your rehabilitation costs may be more expensive than you anticipated and your inability to work can leave you short on the income that you need to pay your bills, keep food on the table, and retain a roof over your head.
These are stressful times, for sure. And, like most accident victims, you’ve probably never had to navigate these challenges before. So, where do you turn for help? How do you make ends meet? Sure, a personal injury lawsuit may eventually provide you with the financial relief that you deserve, but it’s probably not going to give you the quick infusion of cash that is necessary to meet your immediate needs.
What are your options for paying your bills?
Fortunately, you have options to help cover your bills while your personal injury claim plays out. Here are some of the most common options that you can utilize:
- Insurance: To help reduce your out-of-pocket costs, you’ll want to ensure that you utilize your existing insurance policy as much as possible. Read through your coverage to make sure you know what can and can’t be covered by your policy and be diligent in seeking the payment that you deserve.
- Family support: Some people turn to family members and friends for financial support. Although this can be somewhat beneficial, these individuals often lack the resources that you need to find true stability. Also, borrowing large amounts of money from family members and friends can lead to relationship complications. That’s why it may be beneficial to commemorate borrowing arrangements in writing so that expectations and obligations are clear.
- Hospital lien: Hospitals and medical professionals tend to be aggressive when it comes to collecting debt. However, if you’re unable to pay your bills because you’re out of work and are waiting for your legal claim to pan out, you’ll probably get some sympathy. As such, your medical provider is probably willing to hold off on collecting the debt until your claim resolves. The hospital will want reassurances, which will probably mean that you’ll need to enter into a written agreement whereby you promise to pay your debt in full once you receive compensation from your case.
- Lawsuit loan: Even if you’re able to hold off on paying medical expenses and you utilize your insurance coverage as much as possible, you’re still going to have financial needs that have to be met in order to get by. A lawsuit loan may be able to help you bridge the gap between your accident and your claim recovery. Remember, though, that you’re going to have to pay back any money that you borrow, and there’s no guarantee that you’ll win your personal injury case. Therefore, there’s some risk in taking out one of these loans.
Build the strongest case possible to increase your chances of recovering compensation
We know that you have short-term needs that have to be met, and we hope the ideas posed above prove helpful. As you struggle with the day-to-day realities of your newfound situation, though, you can’t overlook the importance of building the strongest personal injury case possible. Only by doing so can you maximize your chances of recovering the financial resources that you need to offset your losses.
We know that you’ve got a lot to deal with right now, but that’s exactly why it might be wise to have someone take some of the burden off of your shoulders. That’s where an experienced personal injury law firm may be able to help by dealing with the complexities of your legal case so that you don’t have to.