How To Stay Financially Stable After An Accident

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If you have been hurt in an accident, your first thoughts may be to seek treatment and discover the extent of your injuries. Once you know how long it will take to recover, you may wonder how you will take care of yourself and your family until you are able to return to work. Let's take a look at some strategies that you can use to stay afloat financially after an accident.

The Person Who Hurt You May Be Liable for Damages

The person who hurt you after your accident may be liable for the costs related to your injury. This could include money for lost wages and lost future earnings as well as money spent on medication, physical therapy or remodeling your home or car. Whoever hurt you may also be responsible for providing compensation for your decreased quality of life after the accident. An attorney from a firm such as Zavodnick, Perlmutter & Boccia LLC may be able to help with your case.

 

Look to Government Benefit Programs to Pay for the Essentials

There are many government programs that may allow you to put food on the table, pay for heating fuel or better afford your rent. Parents with small children may qualify for the WIC program, which provides formula and other essential nutritional items for those under the age of 5. You may also qualify for tax credits or deductions that may increase your state or federal refund. This may help to pay bills or otherwise keep you afloat until a settlement check arrives.

 

Talk to Creditors About Forgiving Your Debts

If you have outstanding credit card or other types of debt because of your accident, you may be able to talk to your creditors about forgiving some or all of that debt. Those who can prove that they are insolvent may not have to pay any income tax on portions of their debt that are cancelled.

 

Ask Friends or Family Members for Assistance

Friends or family members may be happy to help you when it comes to providing for yourself and your children. For instance, they may be willing to watch the kids while you are at rehab instead of keeping them at daycare. They may also be willing to bring you food or others supplies so that you don't have to pay for them yourself.

 

After an accident, your primary focus should be to get better so that you can provide for yourself and your family. Government benefits, help from friends and family members as well as a settlement check from the person who hurt you can all be ways to keep you financially stable while you recover.

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