Accidents and Their Toll on Your Finances

When you are involved in an accident, generally your main concern is seeking medical attention. Of all of the important tasks to follow an accident, you must ensure that you are alright, and are taken care of medically before pursuing any sort of compensation or legal action. Afterwards, you will find that the accident can take a hefty toll on your finances as an individual or as a family. This is not a good position to be in, but you must be able to understand how many facets of your life can be affected by an automotive accident and resulting injuries.

Many only consider the medical aspect of accidents, as injuries must be taken care of. For those who have never dealt with serious injuries following an automotive accident, learning about the ways that it can affect their lives can be very beneficial; this can help them to become prepared in case they find themselves in such a position. Personal injury claims are usually one of the first moves, because of all of the ways that an accident can negatively affect one’s life.

Losing Your Job

If you are seriously injured in an accident, you may need to take an extended leave of absence from work; or may even have to quit your job. Since working is nearly the only way to make a living, this can put an individual and their family under severe financial stress.

With the loss of a job comes a lost income; meaning there is virtually no way to pay bills. This includes mortgage or rent, electric, and water. When someone becomes injured and is in no way able to work, this is their foremost concern. While a claim may help you to recoup these lost wages, the injured must find a way to pay bills until the compensation is received.

Children and food are very important, so an injured parent must find a way to take care of his or her children’s basic needs, while also managing to put food on the table. Generally, there is plenty of help available for families in crisis. Therefore, this might not become as big of a problem as finding a way to take care of other bills.

Damaged Vehicle or Loss of Transportation

In severe accidents, it is not uncommon for a vehicle to be damaged beyond repair (totaled), or damaged badly enough that it is not in the condition to be driven until repaired. With the loss of a job, it can be made impossible to have the vehicle repaired or replaced before the injured party receives his or her compensation. This can be an excessively problematic situation, as people require transportation for health care, shopping, and work; so even if an individual did not lose his or her job from injuries, the job could be lost due to lack of transportation.

If the vehicle was being leased or leased to own, there is probably an unpaid balance on the vehicle, which can result in an additional financial problem. The vehicle could be repossessed, or the owner could be held solely responsible for what is left of the vehicle’s balance upon totaling.

This article is contributed by First4Lawyers.

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