Cash Crash: 5 Tricks to Making a Full Financial Recovery after an Accident
Thursday, August 10, 2017, 6:00 AM | Leave Comment
If you have been hurt in an accident, it could have significant financial ramifications.
In addition to paying medical bills, you may not be able to work and pay your existing bills.
However, there are ways that you can get compensation for your injuries and make sure that you are made whole financially.
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Pay What You Can Today
Make it a point to pay whatever you can in the aftermath of the accident. Even if you only make partial payments, it is better for your credit score than not paying at all. Furthermore, making partial payments may prevent a repossession or a foreclosure.
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Ask for Help from Lenders
If you are expecting money from a personal injury settlement, it may be used as collateral for a loan. Personal loans generally come with low interest rates and favorable repayment terms. Home equity loans or loans from friends and family members may also help you until you get paid.
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Talk with a Personal Injury Attorney
It is a good idea to talk with an attorney like Kidwell & Gallagher LTD or someone similar who can tell you more about your rights after an accident. Your attorney may be able to negotiate a settlement that pays your medical bills, makes up for lost wages and makes up for lost future earnings. Other types of compensation may also be available depending on state law.
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Health Care Costs May Be Part of a Settlement
The cost of treatment after an accident may be included as part of your settlement. Typically, your doctor or other care providers will accept payment after your case is resolved in your favor. This may mean that you never see a medical bill or pay a single dollar in medical costs.
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Invest Your Settlement Money Wisely
If you are granted a settlement, make sure that you make it last as long as possible. Investing your money in the stock market or other investments such as real estate may help you realize returns higher than inflation. This may help you provide for yourself and your family today and well into the future even if you can no longer work.
No one plans on getting hurt in an accident and the financial issues that it can cause. However, if you are in an accident, there are many ways to make a full financial recovery.
Working with your creditors and pursuing compensation through a personal injury lawsuit may be the best ways to make sure that you are set with money no matter what happens.
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Kara Masterson is a freelance writer from West Jordan, Utah. She graduated from the University of Utah and enjoys writing and spending time with her dog, Max.
