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Four ways to cover your expenses after a maritime accident

On Behalf of | Dec 6, 2022 | Maritime Law

If you or a loved one has been injured out at sea, then you’re probably worried about how you’re going to make ends meet in the coming months and years. It’s stressful to think about, especially now that you or your loved one can’t work to earn a wage, and medical expenses and rehabilitation costs are quickly piling up.

While you might take comfort in knowing that legal action is a viable way to recover the losses that have been suffered, those claims take time to play out. So, what can you do to make sure that your bills are paid in the meantime?

Covering your expenses pending lawsuit resolution

There’s good news. You have options when it comes to covering your bills while your legal claim is pending. Here are some of them:

  • Use insurance to the fullest extent: In the aftermath of your accident, make sure that you have a full understanding of your insurance policy and what it’ll cover. Then, leverage your policy as much as possible to cover as many of your expenses as you can. Far too many people fail to utilize certain coverage that has been extended to them.
  • Consider a hospital lien: Hospitals and medical professionals tend to want to get paid quickly after providing services. This can leave you in a financial bind. Fortunately, though, many of these hospitals and professionals understand the situation that you may be in. That’s why they’re usually receptive to holding off on collecting the debt that you owe so long as you agree, typically in writing, to immediately pay them the amount owed once you receive some sort of recovery from your legal claim. This is known as a hospital lien.
  • Turn to family and friends for support: A lot of people don’t like to do this because they don’t want to seem like a burden to others. But your friends and family want to be there to support you as much as possible. So, you shouldn’t shy away from asking them for assistance. If you’re worried about how borrowing money may affect your relationship with your loved one, then consider writing down the borrowing agreement so that expectations and responsibilities are clear.
  • Think about taking out a lawsuit loan: If you’re out of options, then you might want to think about pursuing a lawsuit loan. This loan serves as a bridge to get you through until your legal claim pays out, assuming that it does. Although one of these loans can give you a quick infusion of cash, it isn’t without risk. After all, this type of borrowing involves interest accumulation, so you may end up paying back far more than you initially took out, which can create its own problematic financial situation.

You may have other options at your disposal. Be creative and think of ways to cut costs while securing the funds that you need to get by.

Are you ready to tackle your legal claim?

As you or your loved one struggle with the realities of the maritime accident, it’s important to move quickly to ensure that you have the resources and stability that are needed.