Four ways to cover expenses while your claim is pending

Four ways to cover expenses while your claim is pending

The losses that you face in the aftermath of a car accident can be significant. As you may well know, the physical and emotional pain and suffering may be more than you can handle, and the financial burdens thrust upon you can quickly become overwhelming.

How are you going to pay your bills?

Although a personal injury lawsuit may help you recover compensation for the damages that you’ve suffered, how are you going to make ends meet in the meantime? That’s a legitimate question that a lot of car accident victims have. There’s no one-size-fits-all approach here, but we hope that these options will give you an idea of where you can turn for help while you’re waiting for your personal injury claim to play out.

  1. Friends and family:  This is sometimes the first go-to when money is needed, and it can be a quick way to get your bills covered. But to avoid any issues arising between you and your loved ones, you should make sure that there’s a clear understanding of the expectations involved with the assistance. It might even be helpful to commemorate the agreement in writing to avoid any arguments later down the road.
  2. Your insurance company: You should also turn to your health insurance policy for assistance. This can help cover a significant portion of your medical expenses, but you’ll still be responsible for any costs that exceed your policy’s limits. Also, your health insurance isn’t going to cover your day-to-day expenses, which can be extensive given your inability to work and bring in an income.
  3. Medical lien: A medical lien is essentially an agreement where you give your healthcare provider a stake in the outcome of your case. Therefore, you receive the care that you need, and the hospital gets reassurance that it’ll be paid once your case resolves. These liens aren’t automatically put in place, though, so be sure to talk to your healthcare provider about these arrangements if you think that this course of action is right for you.
  4. Lawsuit loans: There are also companies out there that will loan you money to help you bridge the gap between now and the resolution of your case. While this quick influx of cash can be helpful, these loans can come with some risks. To start, they carry an interest rate that can make the loan more expensive than you think. Additionally, you’ll want to be careful that you don’t take out more in loans than you expect to recover from your lawsuit, as that can leave you in a difficult financial position later on.

Are you ready to take legal action?

These are just some of the ways that you may be able to find financial relief while you wait for your lawsuit to play out. You can talk through those options with your attorney, but what’s important to realize right now is that you have options when it comes to covering your needs while you pursue legal action. So, don’t let your concerns over your immediate financial needs affect your willingness to take the action that is necessary to secure your long-term stability.

We know that the mere thought of getting embroiled in a lawsuit can be disorienting and stressful, but you don’t have to shoulder the burden of your claim by yourself. Experienced personal injury law firms like ours stand ready to help you fight for accountability and the compensation that you deserve. So, if you’re ready to take action to protect your rights, then now is the time to start thinking about what kind of advocate you want on your side.

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