Dealing with Household Finances After a Loved One’s Accident

Triaging Household Finances After a Partner’s Car Accident

In the aftermath of a severe car accident, your spouse no longer possesses the physical capacity to work full-time. Loss of wages constitutes a common source of personal injury compensation, but until you settle your case, you’ll have to manage your household budget on combined income and savings. Read on to learn how:

Prioritize

Quality medical care comes first. Don’t skip out on important appointments so you can pay other bills. That missed appointment could cause further medical issues—and worse expenses—down the road.

Once you’ve budgeted for immediate medical expenses, think about the basic cost of living. If you can no longer make rent, consider finding a subleaser and moving to a more affordable home or apartment—or better yet, move in with family. Former low-interest priorities, such as paying down student loans, can take a backseat.

Make Minimum Payments

Don’t worry about eradicating all debt; your health is more important. Minimum payments, however, are essential, as failure to pay will destroy your credit record and make it difficult to secure financing in the future. Set alerts for all student loans, credit cards and other payments, as your current personal injury ordeal may render you more forgetful than usual.

Seek Pre-Settlement Funding

Depending on your circumstances, you may qualify for pre-settlement funding. This will help you keep your family afloat on one income until you reach settlement in your personal injury case. If your case fails to settle, you won’t owe on your loan.

Triaging after an accident is easier than you think: prioritize health and personal injury proceedings, but don’t get behind on your minimum payments. A little budget management can make all the difference at this difficult time.

Smith, Wallis and Scott can help you reach a swift, favorable settlement so you no longer need to worry about the financial impact of your car accident. Get in touch with the team at (770) 214-2500.

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