Car Catastrophe: 3 Ways To Recover Financially

Tuesday, November 28, 2017, 6:00 AM | Leave Comment

A car accident can disrupt your life in several ways. If you’ve been injured, the physical consequences may last longer than you anticipate. As a result, you may lose your job and acquire a large amount of debt due to accident-related medical expenses.

Below are a few tips to help you recover from the event of a car crash.

Car Catastrophe: 3 Ways To Recover Financially

  1. Submit A Lost Wages Claim

    Depending on the car crash, you may not be able to work for a while and will then need to figure out a way to make up for that expected income.

    Insurance companies have a claim process that permits you to submit a claim form that must be filled out by your primary care physician.

    It may be a good idea to talk to a personal injury attorney with any legal questions you may have regarding your car accident.

    Your doctor will specify your limitations and provide an estimated time frame regarding when you can return to work.

    If your claim for lost wages is approved, you will receive a check from your insurance company for the period of time you’re not working. This process will also require you to submit a lost wages form each time you visit your doctor. This will help you cover your normal expenses until your lawsuit is settled.

  2. Apply For Social Security Benefits

    If your physical condition does not improve after a few months, your doctor can assess your situation to determine if your condition will exceed 12 months. If so, you may be eligible for social security benefits.

    However, the best time to apply for benefits is soon after your physician’s time assessment. This is due to the six-month period it will take to receive a decision from the Social Security Administration.

    If you’re approved prior to your car accident lawsuit settlement, the monthly benefit will help reduce the bills incurred from the accident.

  3. Create A Second Income

    You may not be able to physically go to work, but income can come to you.

    If you have the financial means to do so, you can start a home-based business that does not require you to perform significant physical work.

    Most home-based businesses provide websites which allow you to market services and products online or offline.

    You can place ads on social media, in newspapers, and run radio ads to generate website traffic.

The journey to recovery after a car accident can be overwhelming. However, there are proactive steps you can take to shield yourself from devastating financial loss.

These strategies can help you receive the compensation you deserve. If you have legal questions, consider consulting with an attorney. Stay as proactive as you can to overcome your car crash.

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