4 Ways to Ready Your Finances for a Legal Battle

If you have been hurt in an accident caused by someone else’s negligence, you may be entitled to compensation. While compensation may pay for legal costs, medical expenses, and lost wages related to the accident, it can take time to resolve a personal injury case. Therefore, it is important to create a plan to pay bills and to cover living expenses in the meantime.

Find a Lawyer Willing to Work on Contingency

According to Free Advice, lawyers who work on a contingency basis get paid a percentage of your overall financial award. This means that you likely won’t need to pay a retainer or for any costs incurred during the case. Your attorney may have a specific fee in mind or may be open to negotiating his or her cut based on how long it takes to reach a settlement or to obtain a jury verdict.

Document Everything

According to Kooi Law, many states have modified comparative negligence laws, which means claimants can file suit even if they are partially at fault. Claimants may not file suit, however, if it is determined that they are primarily responsible for the incident. Therefore, it is important to have evidence of the other party’s negligence before taking a matter to court. Documentation may include a police report, maintenance records, or videos from the scene of the accident.

Ask Friends and Family for Help

If you don’t have a ton of savings, you may need to ask your friends or family for financial help until you figure out your situation. Your parents may allow you to move back home to avoid making a rent payment while you are out of work. Furthermore, friends or colleagues may lend you money to pay medical bills or to help out with grocery bills until you are financially stable again. According to Opp Loans, it might be a good idea to make a written contract with your friend or family member that you are borrowing money from to eliminate any possibility of confusion with repayment.

Use Property as Collateral for a Loan

Even if you don’t have great credit, it doesn’t mean that you can’t get a loan. If you own your vehicle outright, it may be possible to get a car title loan. Personal loans may also be available for those who have poor credit scores or a shallow credit history. Pawning or selling auto parts or old clothes could also make it possible to raise money to pay bills with.

After an accident, it is important that you know how to find the resources that you need to care for yourself and your family. While an attorney may be able to negotiate a settlement or win a financial award at trial, it is up to you to make ends meet until your case is settled.

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