Small Town Service,
Big Firm Expertise.

Financial strategies to help while your lawsuit is pending

On Behalf of | Aug 29, 2022 | Motor Vehicle Accidents

You’ve got a lot to think about following your car accident. Although you might be concerned about how to alleviate your pain and suffering, your primary focus is probably on how to make ends meet. After all, the damages that have been unfairly thrust upon you can be extensive, hitting you with massive medical bills and rehabilitation costs at a time when you’re unable to work to bring home the income that you need. You might also be worried about keeping a roof over your head, the lights on, and food under the table. All of this is understandable, and the prospect of financial insecurity is frightening.

If your wreck was caused by someone else’s negligence, then you might be able to offset your losses and secure financial stability by pursuing a personal injury lawsuit. That said, this process can take a while to play out, which still leaves you in a financial predicament for a significant period of time.

What can you do to protect your financial stability while you wait for your claim to resolve?

The good news is that you have several options when it comes to covering your bills while your personal injury claim plays out. Let’s look at some of them here:

  • Insurance: This, of course, is your first stop. Your insurance company, or the insurance company of the individual who hit you, will probably cover at least some of your medical expenses. It may even cover some additional costs related to your accident. Therefore, you need to understand the ins and outs of the policy in play so that you can utilize it to the fullest extent possible.
  • Medical lien: Even if you utilize your insurance, there’s a good chance that your medical expenses are going to exceed the maximum amount that your insurer will pay. This can leave you struggling to figure out how to cover your remaining medical bills. Fortunately, most hospitals are willing to work with you to ensure that you can pay what is owed. One way this occurs is through a medical or hospital lien, which is where the hospital holds off on collecting debt in exchange for taking an interest in your personal injury lawsuit. In other words, the hospital will delay collection so long as you promise to pay it what is owed once your claim resolves.
  • Lawsuit loans: For your other expenses, you might want to consider turning to a lawsuit loan. Borrowing funds in this fashion can help you ensure that you’re able to pay your utilities and buy groceries while you wait for your claim to resolve. Just remember that these are loans that carry interest, so they can be a little more expensive than you’d hoped. Also remember that there’s no guarantee that you’ll recover from your claim, but that you’ll be on the hook for repaying this loan regardless of the outcome of your case.

There may be other options for you to make ends meet while your lawsuit progresses. Many car accident victims simply turn to their family and friends for help. Think creatively about how you can find stability while you wait for your case to resolve, whether through negotiations or litigation.

Aggressive legal professionals stand ready to help you with your case

There’s certainly a lot to think about in the aftermath of your car accident. It can be confusing, frustrating, infuriating, and overwhelming. But you don’t have to try to navigate the complexities of your situation on your own. Attorneys who are well-versed in this area of the law stand ready to help you build a strong legal case so that you can hopefully find the accountability and recover the compensation that you need and