Financial Tips for Those Pursuing a Personal Injury Case
A person who is found liable for your injuries may be required to pay for medical expenses related to those injuries. He or she may also be liable for paying your legal fees and any wages or future earnings lost because you couldn’t work. However, it may be many months or years before you see any of that money. What can you do to protect yourself in the meantime?
Put Your Assets Into a Trust
Assets that are put into an irrevocable trust may be harder for creditors to gain access to because the trust owns and controls them. Therefore, they may be protected in the event that you can’t pay your bills and face legal action. However, if you opt for such a trust, it may be difficult to ever regain control of the assets in the future. Furthermore, creditors may still be able to allege that the trust was created simply to avoid their claims.
Take Out Loans Using the Settlement As Collateral
If you have good credit, it may be possible to take out a loan using a future settlement or jury award as collateral. This may allow you to gain access to thousands of dollars or more to help pay medical bills or other expenses that are piling up while your case goes through the legal system. Of course, you should be ready to pay the balance back in the event that you lose your case.
Ask Your Attorney for Ideas
Personal injury lawyers may be able to give you ideas as to how you can stretch your money until the legal process is over. They may be able to talk more about government benefits or work with your medical care providers to postpone payments for services rendered for as long as possible.