Tuesday, January 14, 2014

Protecting Your Income After an Accident

Protecting your income after an accident should be one of your top priorities aside from getting better. If you were deemed at fault for the accident, you could be paying for your own injuries as well as the injuries suffered by others. If you are not at fault for the accident, you could still see your finances jeopardized due to lost wages and a settlement payment that may not arrive for months or years after the accident. 

Settle the Case as Soon as Possible

It is in your best interest to settle the case as soon as possible. While you don't want to take a deal that isn't to your benefit, you want to find a personal injury lawyer who can help you get your case settled within weeks or months.

Until your case is settled, you should talk to your creditors about alternate payment arrangements that may be available to you. It may be possible to defer or push back payments until your case has been settled. A debt settlement may also be a possibility to help you pay your bills without draining your savings account completely.

Keep in mind that if you settle your case, you can keep most or all of that money without having to pay taxes on it. Although you should consult a tax attorney or an accountant before determining how to treat any award you receive, it is good to know that you can be made whole without having to worry about the government making things even harder on you.

Make Your Insurance Company Pay Everything That it is Obligated to Pay

Your insurance company should be forced to pay everything that it is obligated to pay under your policy. However, you should be aware that your insurance company is going to take steps to pay as little as possible. The insurance company may try to claim that you were acting recklessly or in bad faith when the accident occurs.

Those who live in a state that has no fault laws, you will be going after your own insurance company for compensation whether you were at fault for the accident or not. If you were hurt at work, the insurance company representing your employer may attempt to stonewall as well. This is where workers compensation lawyers can help you get everything that you are entitled to.

Have an Asset Protection Plan Before an Accident Occurs

It is said that the best offense is a good defense. In an accident case, having an asset protection plan can overcome what even the best workers compensation lawyers or other attorneys can throw at you.

If you are at fault for an accident and don't have sufficient insurance, having your property or cash in the hands of a trust or a LLC could keep a victim from getting too much of your personal property.

However, be aware that some or all of your protected property could still be liquidated or handed over to anyone who is suing you related to injuries suffered in an accident that you caused. Your lawyer will most likely try to shield your assets in a settlement in exchange for some other form of compensation.

If you are the victim of a car crash or a slip and fall accident, you have the right to have your case heard without worrying about losing everything before the case is settled. Those who cause accidents can settle their cases in an equitable manner without having to live in poverty if they carefully plan for it. The key is to work with your personal injury lawyer and other legal counsel to determine the best course of action in your particular case. 

No comments:

Post a Comment

Join 1000's of People Following 50 Plus Finance
Real Time Web Analytics