A serious car accident can leave victims with overwhelming medical bills, lost wages and expensive car repairs. For some, these financial burdens can become so heavy that bankruptcy seems like the only option. While bankruptcy is a good opportunity for some people, it negatively affects credit and is best avoided when possible.
Thankfully, filing a personal injury lawsuit after a car accident can possibly help injury victims to recover the money they need to avoid financial ruin. Meaning, if you were recently hurt in a crash and someone else caused the accident, you may be entitled to compensation that can help cover your expenses and prevent the need for bankruptcy.
Accidents can lead to money trouble, a lawsuit might help
After a car accident, victims often face:
- Medical Bills – Emergency room visits, surgeries, therapy and ongoing treatments can add up quickly. Even with health insurance, out-of-pocket costs can be high.
- Lost Wages – If injuries prevent you from working, you may lose income for weeks or months, making it hard to pay rent, utilities or other living expenses.
- Car Repair or Replacement Costs – If your vehicle is totaled or needs major repairs, you may need a replacement, which adds to financial strain.
When these expenses pile up, many people struggle to pay their debts. Credit card balances increase, mortgage payments fall behind and the risk of bankruptcy grows.
But, if another driver (or a third party) caused your recent accident, you have the right to seek compensation through a personal injury lawsuit. By receiving a fair settlement or court award, you may be able to pay off debts and avoid filing for bankruptcy.