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100 Most Influential Lawyers in America
– the National Law Journal

Four options for paying your bills after an accident

On Behalf of | Dec 19, 2022 | Motor Vehicle Accidents

For many people, it’s difficult to cover the losses that you experience following a serious car accident. Even if you have insurance, your medical bills can quickly skyrocket past your coverage limit, leaving you on the hook for tens of thousands, maybe even hundreds of thousands of dollars or more. Most people cannot cover those bills on their own.

On top of that, if your injuries have left you unable to work for any period of time, you might be left without the income that you need to cover your other bills. This can put you at risk of being evicted, having your home foreclosed upon and having your car repossessed. You certainly don’t want to see your life spiral out of control because of someone else’s negligence.

So, what can you do to cover your bills?

The best way to overcome the damages that have been unfairly pushed your way is to pursue a personal injury lawsuit. Even so, it can take a while for your case to play out. In the meantime, you need to find a way to pay your bills and secure financial stability. How do you do that? Here are some of your options:

  • Insurance: This should be your first stop. Make sure you understand the extent of your insurance coverage and how you can use it as much as possible. Do the same when looking at the other driver’s coverage, too. While your policy might help cover your medical expenses, it might also help pay for transportation costs until you get a new vehicle and other necessities that pop up in the aftermath of your wreck.
  • Hospital lien: If you’re uninsured or your insurance doesn’t cover all of your hospital bills, you’ll probably want to talk to the hospital and the doctor who treated you to see if they’d be willing to wait to collect your debt until after your lawsuit is resolved. Most medical providers are receptive to this as long as they put a lien on your personal injury recovery, meaning that they have an interest in your recovery and are paid quickly once you are awarded compensation.
  • Lawsuit loan: One option for paying your other bills is to seek a lawsuit loan. These loans can help you cover grocery bills, utilities and other expenses while your claim is pending. The hope is that you can quickly pay the loan back once you recover. The loans are subject to interest, though, so you may end up paying back a lot more than you borrowed in the first place. So, proceed cautiously if you want to use this option.
  • Your support network: You might be able to find help from family members and friends too. A lot of people are uncomfortable with this option, but it may be a viable one. After all, your support network is probably bigger than you think, and your loved ones probably want to help you as much as they can.

Do you still need guidance?

Figuring out how to make ends meet following a serious car or truck accident can be enormously stressful, and there’s a lot at stake. That’s why you need to fully understand your options and plan accordingly. If you think that you could benefit from some assistance in that regard, you may want to think about reaching out to a legal team to discuss your situation further. Hopefully, you can successfully navigate the challenges ahead of you and move on with focusing on reclaiming life as you know it.