For many people who receive personal injuries and wait for a settlement, the wheels of justice turn slowly. But you still have financial responsibilities. Consider these financial tips for people waiting for an injury settlement.
1. Consult With a Legal Expert
Navigating through the bureaucratic maze of doctors, insurance adjusters, and the courts is overwhelming without expert help. An attorney will represent you and your interests and push to negotiate the largest settlement possible. Your personal injury attorney can consult you on how to progress through the process of obtaining your settlement, timelines, and when you will likely receive the funds.
2. Tighten Your Budget
While you wait for your financial situation to improve, it’s prudent to tighten your budget. Reducing your spending on unnecessary expenses can make a big difference in your peace of mind. Focus on how this maneuver helps you achieve your financial goals and appreciate the flexibility you have in your budget. Keep in mind that this is a temporary situation for you.
If you need money quickly for necessary expenses, tap into your emergency savings. You don’t want to completely empty your emergency fund, though. So consider the next step.
3. Consider Getting a Settlement Loan
The final financial tip while you wait to receive your personal injury settlement is to consider getting a settlement loan. A settlement loan is a cash advance before you receive a judgment or settle the case. One way that settlement loans are better than bank loans is that if you don’t win your settlement, you don’t need to repay the loan.
A settlement loan can help you meet your financial needs. And knowing that you have to repay the loan only if you win your settlement case can ease your worries. Learn more about this option to find out if it’s best for your needs.
Consulting with a legal expert, reallocating your personal finances, and considering a settlement loan are three tips that can help you as you wait for a settlement award. Once you’ve reached the settlement, stay in contact with your lawyer and insurance company to complete the process.