How to Manage Financial Strain After a Personal Injury

A personal injury can negatively impact your life in a number of ways. For many, the most significant source of stress is the financial side of an injury. Because of someone else’s negligence, you’re suddenly saddled with medical bills, unpaid time away from work, property damage and associated repairs, and other unwanted expenses. If you’re suffering from financial instability due to an injury, use these tips to navigate this challenging time.

If you can prove that someone else’s mistake led to your injuries, you could receive compensation for your losses by pursuing a personal injury claim. Our team is here to help—call Turner, Onderdonk, Kimbrough & Howell at 251-847-2237 to set up a consultation with our Chatom personal injury lawyers.

Take an Honest Look at Your Situation

Before you know how dire your financial issues are, you need a full picture of your current situation. This may mean writing down all of your fixed monthly expenses, all of your fluctuating monthly expenses, current savings, sources of income outside of your job, and any other resources available to you. This should give you an understanding of how far you’ll fall short each month until you get back to work. You may also want to make note of any assets you could sell to help bridge the gap.

Find Out If You Have Payment Options

Depending on the monthly obligations you have, you may have some flexibility in your payments. Creditors are sometimes open to a temporary forbearance if you’ll be able to resume payments fairly quickly. Reach out to your mortgage holder, credit card companies, and other creditors to find out what options are available to you. Even if they say no, you haven’t lost anything except the time it took to reach out.

Look Into Assistance Programs

There are federal, state, and local assistance programs available to those in need of temporary help. Look into resources available in Chatom, including food aid, utilities assistance, and medical assistance. In addition to public aid options, don’t forget to check into churches, private charities, and non-governmental sources of support.

Consider Loans and Other Sources of Assistance

Aid only goes so far, especially if you’re on a tight timeline. Many public assistance programs take so long to get approval that you’d likely no longer need the help by the time you finally received it. If you need something faster or more guaranteed, you may want to look into taking out loans. This is obviously not the ideal option, since you will eventually need to pay them back—but if they keep you from losing your home or car, they may be worth it. Look into personal loans and credit cards, rather than payday loans or other high-interest loan options.

You may also have family members or close friends who are willing to help. Only you can decide how comfortable you are asking loved ones for assistance, but as long as you’re willing to accept no as an answer, you likely won’t do any harm by asking.

Some people ask about taking money out of a retirement account in order to get by. This should be considered a last resort. When you take money out of a retirement account before you reach retirement age, you suffer heavy financial penalties. You are immediately taxed on the amount you withdraw and with many types of retirement accounts, you also pay a 10% penalty on top of that.

Discuss Your Options with an Attorney

If someone else is responsible for your injuries, you should not be left to pick up the pieces on your own. They must be held accountable for their own negligence. By working with a personal injury lawyer in Chatom, you can find out if you’re entitled to compensation and begin the process of filing a claim against the liable party.

Seeking Compensation? Call Turner, Onderdonk, Kimbrough & Howell

Don’t wait any longer to fight for the compensation you deserve after a personal injury. We’re here to walk you through the process and advocate for you in negotiations or in the courtroom. Schedule your consultation now by reaching out online or calling us at 251-847-2237.