Dealing With Financial Woes After An Injury
If you’ve been injured as the result of an accident or unforeseen circumstance, not only does it change you physically, it also has a drastic impact on your finances. If your injury left you without being able to work or properly perform your job, you may see a loss or reduction in your overall income. While there are several steps to take to ensure that your insurance company is properly informed and that you receive the proper medical care, you also need to protect your finances. Here are just a few ways to deal with some financial issues you may experience after the injury.
Seek Reputable Legal Counsel
Are you still looking for the right injury lawyer? Dealing with the financial issues resulting from an injury can be complicated. Knowing who to call and what to ask can be overwhelming and challenging—especially if you’ve been hurt. That’s why it’s important to seek a qualified lawyer that can help you sort out any loose ends related to your injury. If a lawsuit needs to be filed either privately or through workmen’s compensation, a lawyer will be able to set you up with a specialist to file your claim and help you with the process. For a private lawsuit, your lawyer will gather witnesses and information to help you build a solid case.
Contact Your Creditors
Once you’re able to, after your injury, contact your creditors. Let them know that you were injured and are currently off of work for the near future. This will flag your account and allow you a chance to negotiate account terms with your creditor. Notating your account may also help reduce collection efforts. Ask your creditor about skipping a payment or having your payment due date moved to another time of the month. This can help you organize your bills and reduce the likelihood of your accounts in good standing going to a collection agency.
Speak With Your Landlord Or Mortgage Company
An important creditor to contact is your landlord or mortgage company. Making sure you can secure your residence and one of your biggest assets is extremely important—especially after a catastrophic accident. In some cases, you may be able to refinance your loan terms to push out your mortgage payments to a later date. With some loans, a moratorium can be instituted to help give you more time to pay off your loan. Depending on the institution, it may list your account as past due, but it will stop a foreclosure and collection efforts as long as you fulfill your terms of the moratorium agreement. If you rent, explain your situation. Your landlord may refer you to a community or social service agency to help pay a past due rent payment or get assistance with future payments.
Learn About Deferments
Similar to a moratorium, a deferment is a way to defer or hold off on making a payment for a specified period of time. Typically there are specific terms listed and you’re only allowed one per year or in some cases, one per the life of the entire loan. A deferment is often shorter than a moratorium and in some cases you may have to pay interest and your payment may increase when the deferment term is over. Ask your creditors to see if you would qualify and what the terms of the agreement are in writing. You may also want to consult with your accountant. She may be able to take a second look at your assets and current income to offer a better solution for paying down certain bills and credit cards with high interest rates and balances.
Help With Applying For Disability
A qualified lawyer will be able to help answer any questions you have about applying for disability. If you’ve filed and were denied, your lawyer will help represent you and file a rebuttal against the social security administration. This can be a tedious process to fight on your own. Having a lawyer handle the legal hurdles will help you get your fair amount of disability that you deserve resulting from your injury. In addition, if medical bills are piling up and your income has been affected, you may qualify for coverage under a state and federal health insurance fund. Contact your local social service agency to apply and get some immediate relief with your medical bills.
Don’t allow an injury to destroy your life completely. Working hard at physical therapy and regaining control of your life financially can put you on a promising path for the future.