How to Prevent Your Personal Injury from Causing Financial Ruin

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No one intends to live from paycheck to paycheck, but even the most financially prudent individuals are being pinched by way of the economy’s current condition. Trying to survive financially after sustaining an injury that will leave you out of work for some time can be emotionally devastating, because you know that you face extended hardship and uncertainty. Before you can adequately prepare your personal injury claim, you will need to avoid financial ruin. Changes will need to be made, and you might even feel like your life is moving backward, but preserving your financial health will aid you in presenting a stronger and less harried case.

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Short and Long Term Disability Benefits

Payments for long and short term disability insurance kick in once your claim has been processed, approved and the waiting period has expired. Disability insurance benefits can last as long as a year, but they will not replace your full income. With any luck, your disability insurance benefits will amount to enough to pay your core bills during the time that you cannot work. Although supplemental income of any kind is greatly appreciated when a person is out of work, personal injury victims must contend with a much smaller source of cash.

Making Payment Arrangements

From your utilities to credit card payments, payment arrangements can be set up so that your credit is preserved while you figure things out. Establishing a payment arrangement with a company that you owe money to may take several phone calls to get everything straightened out, but if you explain that you are not able to work because of your personal injury, it is very likely that you will get some leniency. Payment arrangements don’t absolve you of your debts, but they will enable you to lower your monthly bills in the interim.

Simplifying Your Lifestyle

Starting with luxuries like subscription services and entertainment packages, consider how you might be able to simplify how you live in order to avoid financial ruin. Some services have cancellation fees that seem steep at first glance, but it may actually save you money to go ahead and pay these fees so that you are able to get out of contract. Make sure that you go over your service contracts closely and see if there are any clauses that will allow you to get out of your service agreements without penalty prior to paying.

Downsizing Accommodations

Some people recovering from a personal injury choose to move into smaller and less expensive homes because they just don’t have enough to pay full market rates for their apartments and houses. Relocating from a home where you have resided for years because of a personal injury can be depressing and frustrating, but if it is necessary to keep yourself financially secure, it must be done. Other options include finding a roommate who will split expenses with you, or bunking with a relative or friend that has extra room.

After experiencing a personal injury, there are a few things that you can do to recover from the financial ramifications you will certainly face. Seeking financial compensation from the party that left you injured requires a skilled lawyer, but legal cases take an indeterminable amount of time. Resuming full-time employment is another solution, but don’t go back to work until you are fully healed and have clearance from your doctor. Whatever you do decide to do, have a plan that will enable you to bounce back quickly after you regain a stable source of income.

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