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Do You Have An Emergency Financial Plan for Serious Personal Injury?

Personal injury and unexpected medical costs are the leading cause of personal bankruptcy in this country. Being seriously injured can cause you to lose time at work and can lead to large medical bills. A serious injury can also be difficult to plan for. You can sustain a work injury in your Hollywood job at any time. You never know when you might be in an intersection accident or be in a sideswipe collision near your Hollywood home. However, there are things that you can do to help improve the chances that you will survive financially even if you are seriously and unexpectedly injured:

1) Have a budget in place.

Creating a monthly budget can help you distinguish between necessities and luxuries, so that if you suddenly find yourself facing financial worries due to an injury you will know where you can trim back. A good budget can also help you create some savings so that you have a layer of protection in case you cannot work.

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2) Maintain a good credit rating.

A good credit rating will help you negotiate with creditors and potentially get some more flexibility if you find yourself in financial difficulties following a serious injury. There are several things you can do to maintain a good credit score:

  • Order your credit report for free from the three credit bureaus each year and have the bureaus fix any mistakes you find
  • Pay your bills on time
  • Pay down your credit cards and loans

3) Reconsider your insurance regularly.

Insurance can help protect you in the event of an accident or injury. At minimum, you will want to have home (or tenant) insurance, car insurance, disability insurance, life insurance, and medical insurance. Always shop around for the best coverage you can afford. If you do find yourself injured, especially permanently injured, insurance money can help you replace lost income and pay for bills. Even if you have excellent insurance, however, review your policy and ask for new quotes at least every few years or so. Inevitably, your insurance needs will change and you may be able to find better coverage at a better price by shopping around from time to time.

4) Develop an emergency fund.

Financial experts recommend having at least six months to one year of living expenses in an emergency fund. If you are unable to work or if you have high medical bills, this emergency fund can help provide you with money. Keep in mind that even if you are covered by workers compensation, you may find that the benefits do not cover all your costs. Even if you find that you qualify for a legal claim, it can take months or years for the claim to work its way through the courts. Having an emergency fund can help you pay for everyday costs until you can secure other benefits.

5) Know where to seek resources in your community.

What advocacy groups exist for injured people in your community? Are there medical clinics that offer lower-cost services? If you were injured, where could you turn to get services and support you might need? If you have been injured, you will want to seek as many sources of support as possible. You will also want to consult with a personal injury attorney promptly. An attorney can let you know about options for compensation and options for legal claims and may also be able to help you find resources in your community.

Have you been seriously injured? Start to protect your finances by getting information about your rights to compensation. You can always contact Flaxman Law Group to schedule a free consultation. Our law firm has already helped thousands of personal injury plaintiffs recover damages for their injuries. We would be pleased to discuss your options.