Useful Pieces of Advice That’ll Help You Recover Financially after an Accident

The aftermath of an accident can be harrowing, but once the bones and your mental health have returned to normal, you can move forward. However, the financial aspect of accidents can make matters worse. This is often true regardless of whether you are insured or not, as it can sometimes take months, if not years, to get the compensation you deserve. Forutenly, there are several things you can do to ensure that you get everything that’s due to you while still making your mental and physical recovery your first priority. 

This post will explore some of these things, ranging from hiring an attorney specializing in your situation to developing a budget to get you through the interim.

Contact A Personal Injury Law Firm Once It Is Convenient To Do So

Obviously, your medical well-being should take priority here, but focusing on your recovery requires you not to worry about finances. Therefore, you should endeavor to hire personal injury lawyers who specialize in your type of case. The latter point is crucial since personal injury encompasses a large number of aspects, all with different requirements. For example, although you can certainly hire a lawyer whose bread and butter is auto accidents if you are subject to some form of medical malpractice, it might be more prudent to look for an attorney with expertise in that specific field. 

You are often able to book initial consultations with most of the better firms, where you can discuss your situation, and they can let you know the following:

  1. If you have a case
  2. If so, what your next steps should be

Once you know what’s what and are comfortable with their fees, you can move on to the beginning of litigation proceedings and, hopefully, regain some of your lost income and damages.

Make A List Of All Expenses Resulting From The Accident

Even before you consider hiring a lawyer, you, or someone close to you, should start logging all expenses related to your case. Not only will this ensure you can present a record to the court when required, but it can also help you budget your money more effectively. Some examples include:

  • All medical bills, including visits to the hospital and your doctor, and medication (including over-the-counter products). Essentially, keep receipts and records of anything medically related to your accident.
  • Lost wages. You might have to find your previous pay stubs and also contact your employer for evidence of your current salary.
  • Any damages related to property if that’s the case (for example, to your house or vehicle, etc.)
  • All travel expenses related to your injury. This can include gas receipts from friends or taxis that take you to and from the hospital, your lawyer, and the court.
  • Legal fees (you will discuss this with your attorney, who should clearly lay out what they charge)
  • Anything else that has left you out of pocket, such as childcare costs, mobility devices, and anything related to your accident.

Ask For Help From Family Members And Friends If Required 

Don’t be afraid or embarrassed to talk to family members and friends who may be willing and able to provide financial assistance. Keep records of any money they lend you or costs they incur due to your accident (such as those mentioned in the previous point) so that you can reimburse them later when you have the funds available. It is understandable to feel anxious asking others for help financially, particularly when everyone is seemingly going through their own financial hardships. Nonetheless, the key is remembering that those who love you will always help. 

Moreover, as long as you can show them you are pursuing legal action to gain restitution, they should be more conducive to your requests, safe in the knowledge they should retrieve their money back.

Establish A Budget Plan To Maintain Financial Stability While You Wait Until You Receive Your Compensation

If you have suddenly become financially disadvantaged due to an accident, there are usually plenty of things swirling around your head that make the mere thought of budgeting seem absurd. However, if you are to see yourself through to the other side with as little impact on your bank balance as possible, you need to consider all your options. Moreover, a plan allows you to maintain financial stability while waiting for your compensation. When devising a budget, try to view all current and future expenses you might face. This can be challenging at first, but once you have a handle on these numbers, things will begin appearing far less terrifying and more manageable. 

Put together a list that can include basic needs such as rent or mortgage payments, groceries, utilities, car payments, and more, then accounts for any additions that stem from the accident, such as medical bills and potentially lost wages due to an inability to work.

Contact Your Insurance Company If You Have One 

If you have an insurance policy, contact your insurer immediately. However, before you give an official statement to the company, speak with an attorney if possible because, as with anything to do with insurance, they tend not to be overly generous with their payouts. Having professional advice also ensures that you won’t make mistakes or miss significant opportunities during the process of filing a claim. 

Furthermore, your attorney can review all documents before they are submitted to the insurance company and help calculate damages and the value of a settlement. They can also negotiate on your behalf and help protect you from any attempt by your insurance to deny coverage or minimize compensation.

Check Out If Any Government Programs Can Cover Your Costs 

When recovering financially after an accident, it’s essential to check out if any government programs can cover your costs until you get reimbursed. These programs are available for everything from medical bills and car repairs to lost wages, so it’s worth looking into them. They can be a real boon if you’re struggling and don’t know where to look. In some cases, they can also help you find legal assistance to get you back on the right path.

Recovery from an accident is bad enough, but when you struggle with your finances, it adds an extra layer of complexity that can lead to financial ruin if you aren’t careful. You may find the tips in this post helpful in helping you recover both physically and financially without negatively affecting your bank account.