Sunday, June 25, 2017

Family Matters: How to Manage Your Finances After a Major Personal Injury Lawsuit

If you are in the process of going through a major personal injury lawsuit because you have been injured, you might be concerned about your finances. 

Keeping yourself afloat can be challenging when you are recovering from an injury, and lawsuits can last for a long time. If you are concerned about your finances during this difficult time, consider these tips for best results.

Hire a Lawyer

First of all, this is not a situation that you should try to handle all by yourself. Instead, it is a good idea to work with an attorney from a firm like Bennett & Sharp PLLC. Then, your attorney can help you handle every step of your case and can help you get the compensation that you deserve.

Negotiate with Your Creditors

A lot of people in this type of situation just ignore their creditors because they have no way of paying them. 

However, this usually is usually not the best course of action. Instead, you will want to let your creditors know about the situation. If you are in the middle of a lawsuit, for example, your creditors might be willing to work with you until you receive your settlement.

Seek Temporary Income Sources

Even though you might think that you have a settlement coming, the truth is that you and your family have to survive in the meantime. 

Therefore, you could be concerned about money. Luckily, there are temporary income sources that you can look into. 

For example, you might be able to sign up for short-term disability, or you might be able to find an online gig that is part-time and that can allow you to make a little money while recovering from your injury.

Handle Your Settlement Carefully

When you do receive your settlement, you might find that you have a lot of unpaid bills and other obligations to take care of. It can be easy to go through this lump sum of money faster than you think, however, so it's critical to handle your settlement carefully. 

Make sure that you have a plan in mind for how you will spend it so that you don't go through it too fast.

Dealing with your family's finances can be challenging even when things are going well. When things are going badly and you are going through a major personal injury lawsuit, however, things can be even more difficult. 

Luckily, following these tips can help you manage your finances and take care of yourself and your family, even during a difficult time.

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