Staying Solvent: How to Recover Financially from a Major Accident

Monday, March 21, 2016, 6:00 AM | Leave Comment

A major accident could have many consequences for your life, both in the short-term and long-term. In the short-term, you may wonder how long it will take to recover from your injuries.

In the long run, you may wonder how you will pay your medical bills or if you will ever get back to a normal life.

What can you do to stay solvent after a major accident?

  • Pursue Compensation

    If another person hurts you through his or her negligence, you may seek compensation from that person.

    A financial award may pay for medical bills, long-term care costs and money to replace lost income going forward.

    In the event that you are hurt at work, you could be entitled to workers compensation benefits even the accident was your fault.

  • Social Security

    Those who are unable to work may be entitled to social security disability insurance (SSI) benefits.

    If this is your case, consider consulting an attorney about your employment history and eligibility.

    A specialist with Horn & Kelley, PC Attorneys at Law says that, with the help of a social security disability lawyer, you can obtain the financial assistance you need.

  • Friends and Family

    Family members may allow you to live with them to ensure that you have a place to stay without having to pay several hundreds of dollars per month in housing.

    You may also be able to have your friends or family drive you to appointments, provide you with food and take care of other basic costs to help ease your financial burden.

    If necessary, you could ask for a short-term loan to cover your expenses until your personal injury case has been resolved.

  • Talk to Creditors

    You may want to consider talking to your lenders about alternate payment arrangements to preserve your credit and keep your loans current.

    Doing so could enable you to pay your bills when you get a settlement check or go back to work. Instead of being forced to sell your home or risk other items being repossessed, you can focus on getting better and holding the person who hurt you accountable.

No one expects to be in an accident. However, knowing where you can turn after you get hurt can make it easier to heal both physically and financially.

While it may take time to get your life back together, the transition can be much easier when you get the help you need to do so.

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