Everything You Need to Know About Financial Loss Due to a Personal Injury

Physical injuries and suffering are only one part of a personal injury accident—the financial losses can also be devastating. When you’re injured in a personal injury accident, you need to know what economic challenges lie ahead and how to address them.

Our Colorado personal injury lawyers explain everything you need to know about financial loss following an accident and the resources that could help on your road to recovery.

Does a Personal Injury Cause Financial Loss?

There are several ways that a personal injury accident may cause a financial loss. First, you may have unexpected medical bills, and these bills are often catastrophic. There is also a cost to traveling to appointments, buying prescriptions and getting the over-the-counter things you need for your health and treatment after a personal injury.

Direct out-of-pocket, unexpected bills are just the beginning. A personal injury may interfere with your ability to work. You may need help doing things around the house that you used to do for yourself. Childcare may also become a necessity. Some financial losses are obvious, but others may be more subtle. Suffering injuries in an accident puts a financial strain on your life and cause worry at the same time.

How Can I Cope With Significant Financial Loss After an Accident?

To cope with significant financial loss after an accident, explore both short-term and long-term solutions. Some questions to ask yourself as you plan include:

  • What are my legal options? What financial recovery can I claim by pursuing my legal rights? During the process, what do I need to do to make sure that my legal claim is as successful as possible?
  • What insurance may be available to help me? Can my own health insurance and car insurance apply? What about the other driver’s insurance? Are there commercial policies, a rideshare accident guarantee or a taxi company policy, too?
  • Do I qualify for workers’ compensation or long-term disability? Are there government programs that can help me?
  • How can I have legal representation with no cost upfront and no risk to me? Does this personal injury attorney handle cases on a contingency fee basis?
  • With the different ways to get cash now, what is the best way for my personal situation? What are the pros and cons of the different loan and cash forwarding options? Do I understand all the fine print about how these programs work? Are there any other options?
  • Is bankruptcy right for me? What is the total picture of my assets and debts?

How do I expect my situation to change long-term? If I am going to be unable to work, are there ways that I can adjust my spending and expenses?