6 Ways to Save Your Financial Self While Waiting for Your Personal Injury Case to Settle
After an auto accident or other serious situation that leaves you unable to work, you're going to need to find some way to save your financial self while your lawyer sorts through all of the legal proceedings. In the meantime, you're left with bills and stress. Here are six ways to help yourself get through this scary and unpredictable situation.
1. Do an In-Depth Inventory of Your Assets
Although you may not be able to predict how long you'll be out of work or what type of job you'll be able to tolerate in the future, you can determine how long your current assets can support you. What do you have in terms of savings? How much debt do you have and is there any way to restructure it now to accommodate the changes in your income?
While these questions may not be easy to answer right now, you must take a hard look at what you own, what your financial responsibilities are, and how to handle them. Even if you can't come up with a solution, this assessment is crucial to your ability to move forward. You can't guarantee what sort of settlement you'll receive, so start planning your finances before too late.
2. Be Prepared to Liquidate Assets
Another tough but necessary possibility to face is selling off some things of value in order to build up your cash reserves. For example, if you're physically limited due to your car crash, you're not likely to be using any exercise equipment you own in the near future; the same would apply to a motorbike, jet ski, bicycle, or maybe even your car.
Liquidating valuables is going to be difficult emotionally; however, if it enables you to get through the rough financial times ahead, it's going to be worth it. If possible, take the time to ensure whatever you sell is properly valuated so you don't short change yourself. Gold jewelry, for example, could yield you a considerable amount of cash, considering the current price per ounce. Even furniture could be sold and eventually replaced with items more accommodating to your injuries, so don't overlook any asset in terms of its value to keep you afloat.
3. Consider Starting an Online Fundraiser
If you have a large circle of friends and family you can depend on, don't be too proud to ask for help. Setting up an online campaign could mean the difference between being able to survive until you receive a settlement and going under. Be honest and keep your campaign updated. Ask people to share the link to it, and you never know how many kind and caring people will have an extra $10 they can contribute.
If you receive a few donations, you can hand-write thank you notes, and if the campaign is highly successful, just publicly thank everyone on the fund's website and on your social media accounts. This should not be a humiliating undertaking for you, as these are circumstances beyond your control and the help you're asking for is most likely help you would give to someone else or actually have given.
4. Look for Doctor-Approved Employment
If you are able to work at all, check first with your auto accident attorney to make sure whatever you do isn't going to negate any legal claims you've made in your case. For example, if you state you're no longer able to stand all day, abide by that criteria, no matter how badly you need the money. Don't take a chance that you won't be witnessed engaging in the prohibited physical activity as insurance investigators are very good at their jobs.
Next, ask your doctor what you'll be capable of doing, both physically and mentally. If the accident was particularly violent or horrific, you could be vulnerable to post-traumatic stress, so exercise caution in selecting work. You might be able to use hands-free headphones in some capacity to speak with customers or vendors, for example, or maybe you could get part-time work as a house-sitter if all you had to do was show up and keep the lights on.
5. Investigate Pre-Settlement Loans Thoroughly
At some point, you may find it necessary to seek a loan to hold you through until your settlement. Most people who have been injured and are without an income won't qualify for standard loans, but if you look into pre-settlement options, do so with caution. Some companies sneak in very high interest rates and charge all kinds of exorbitant fees.
Unfortunately, this type of loan may be offered by a lender who engages in predatory practices and you could be left in worse shape than when you applied. Thoroughly investigate before signing any agreement. Since the paperwork will have to pass through your lawyer's desk before approval (or denial), you should also ask them what they think of the terms.
6. Ask Your Lawyer for Direct Financial Advice
The bottom line is you need money to live, even if you're not able to earn it at the moment. Since your personal injury attorney has likely seen many cases similar to yours, they should have plenty of advice to offer you. Down-sizing your living arrangements is a practical first step, as is trying to find appropriate work that won't interfere with your injuries, if possible. You'll probably be going through many changes in the coming months and working closely with your attorney is a wise move anyway, so take advantage of their experience and get as much information as possible.
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