Following your car accident, you might be breathing a sigh of relief that you have the ability to pursue a personal injury lawsuit to help offset your damages. But, as you may know, these claims can take a significant amount of time to play out. How are you going to make ends meet in the meantime?
That’s a question that many car accident sufferers struggle to answer. After all, most people don’t have the financial resources needed to cover extensive medical care as well as their housing and everyday needs, especially at a time when they’re unable to earn a wage.
So, if you’re worried about how to get by while you wait for your lawsuit to play out, you’re probably eager to hear your options. We hope that this post will provide you with some insight so that you can start to explore those options that you think are best for you.
Covering your needs while your lawsuit is pending
The good news is that you have several funding options at your disposal. Let’s look at some of them here:
- Insurance coverage: Your first stop is your insurance policy. Your insurance policy will probably cover at least some of your medical expenses. Just keep in mind that your policy is going to have caps on it, which means that it will only go so far. However, you might be able to negotiate a deal with your insurance company where it will pay your medical expenses until your case resolves, at which point you’ll repay the insurance company.
- Medical lien: Even if your insurance company refuses to cover all of your bills while you wait for your legal claim to pay out, you might be able to negotiate that arrangement with your medical provider. Here, the hospital essentially takes an interest in your lawsuit recovery so that you can pay your medical expenses at that point.
- Loans: To cover your everyday needs, you have the ability to turn to one of a number of loans. Lawsuit loans are out there to help bridge the gap between your injury and your claim’s recovery, but bank loans are another option. Either way, just be cognizant of the interest associated with each type of loan so that you’re not taken by surprise when you realize what you have to pay back. You’ll also want to be careful by ensuring that you don’t take out more than you need.
- Bankruptcy protections: If you’re in a dire circumstance and can’t secure other funding, you may need to consider seeking bankruptcy protection. This is a way for you to shed excessive debt while you wait for your claim to play out, which might give you the relief that you need while you wait. Just be aware of the long-lasting consequences that personal bankruptcy can have.
Fighting to protect your interests
You may have other options out there while you wait for you claim to pan out. For example, you might be able to turn to family and friends for support. But even if times are tough, you shouldn’t let your fear of the future paralyze you into inaction. Instead, carefully think through what you can do to protect your interests moving forward.
If you need help analyzing the circumstances of your case and figuring out the best way forward, you might want to consider seeking out assistance from a personal injury attorney who will know how to fight for an outcome that leaves you with the financial stability that you need.