Are you facing financial woes in the aftermath of a serious car accident? If so, you’re probably looking for any sort of relief that you can find. But figuring out where to turn for help can be complicated and confusing, especially at a time when you’re just trying to focus on recovering your health and getting back to normal life as you know it.
Fortunately, there are steps that you can take to help alleviate the financial burdens that have been unfairly thrust upon you. While one of those steps may be building and pursuing a personal injury lawsuit, there are other options to help you bridge the gap until your case pans out. Let’s look at some ways that you might be able to bring yourself and your family some financial relief.
Easing medical bills
Your medical expenses are probably going to become overwhelming quickly. That can leave you stressed about how you’re going to make ends meet, especially when your insurance isn’t helping you much. The good news is that a lot of medical professionals and hospitals are understanding of these kinds of situations. This means that they’ll probably be willing to work with you.
What that looks like is that the hospital will probably want you to enter into some sort of written agreement, most likely a hospital lien, where you agree to immediately pay your medical debt once your personal injury case resolves, whether that be through settlement negotiations or trial. Then, if you receive a settlement, you’ll have to turn around and pay the hospital what you owe. However, this can buy you time and financial stability until you have the resources you need.
If you’ve been knocked out of work on account of your injuries, you’re going to have everyday costs that need to be covered, too, given that you won’t have an income at that time. Here, you might have several different options for finding financial relief. This can include borrowing from family and friends, but most people are uncomfortable with that idea. However, borrowing from your loved ones is the cheapest option, and you can alleviate concerns about how the borrowing will affect your relationships by creating borrowing agreements.
Another option that you can utilize is seeking out a lawsuit loan. This type of borrowing can give you quick access to the cash that you need to pay your everyday expenses. To secure the loan, you use your personal injury lawsuit as collateral, which means that you’ll have to pay back the loan amount plus interest once your lawsuit resolves. Just remember that these interest rates may be higher than you expect, which means that you could end up paying back more than you anticipated.
The importance of building your case
It’s important to remember that if you pursue any of these options, you’re still going to have to make good on your debts. While that might be easy to do if you win your personal injury case, there’s no guarantee that you will. Therefore, you need to borrow with caution and do everything you can to build the strongest personal injury case possible.
We know that can be stressful to think about, but you don’t have to carry that burden on your own. Instead, you can work closely with a personal injury attorney who can help you gather the evidence and craft the legal arguments that you need to position yourself for success. If you’re interested in that kind of representation, then now is the time to reach out to a law firm that you think will zealously advocate on your behalf.