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How to Protect Your Finances After a Truck Accident in Hollywood

Last week, we looked at preventative measures you can take to protect your finances before a truck accident affects your life in Hollywood or South Florida. But what happens if you didn’t have the time to implement that advice and now find yourself injured because of a traffic accident?

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The injuries sustained in an accident involving a big rig, tractor trailer, or other commercial vehicle can be very serious. If your finances aren’t ready for the medical bills, lost wages, property damages, car repair costs, and other expenses, you will need to be proactive. Here are a few things you can do:

1) Contact an attorney.

If the accident was not your fault or if another party was partly liable, you’ll want to explore your rights. A personal injury and insurance law attorney in Hollywood can also walk you through the claims process and resolve any issues with your insurance company so you get the fairest compensation possible.

2) Keep all the paperwork and evidence.

Keep every scrap of paper related to your accident, including any receipts. Take photos of the accident scene, your injuries, your car damages. The more information you have, the more data you have to use for your claim.

3) Report the accident and file your claims.

Report the accident to the police and to your insurance company. Keep copies of the reports and any communications.

4) Set a budget.

Even if you have never budgeted before, start now. Keep track of all the money you have coming in and all the money you need to spend. Knowing what needs to be paid and what your resources are helps you plan ahead.

5) Come up with a financial plan.

Where can you get more money? Where can you cut spending? Can you liquidate some assets or sell some things? Can you work from home or find some way to generate income while your case is pending? If yes, how will it affect your taxes and your claim? Write down what you can do to improve your financial situation while you are injured and consult with your financial advisor and attorney before you implement your plan.

6) Work to keep your bills current.

This is not the time for a new savings plan or new investments. Work on paying your bills on time. If you have debts, pay the minimum each month. The goal is to protect your credit rating as much as possible.

7) Check your accounts and credit scores.

It’s not something most truck accident victims think about: fraud. Yet, it’s very much a concern. When you’re dealing with the aftermath of a truck accident, you need to share personal and financial information with a variety of people, including the insurance company, authorities, medical practitioners, and more.  You don’t have much control over their security measures. In addition, you may be targeted by fraudsters who want to use your concerns to defraud you.

After your truck accident, check your credit scores and keep a close eye on your credit cards and bank accounts. If you notice any unusual activity, report it immediately and put a fraud alert warning on your credit reports. Be sure to follow up that any transactions not made by you are removed.

Take action now

If you have been in a truck accident and are concerned about your bills or have questions about how much your case may be worth, contact Flaxman Law Group for a free consultation. We’d be happy to give you a thorough, personalized, and honest assessment of your legal options.