Paying Household Bills After A Car Crash

Once a car accident victim has had time to process what happened in a collision, he or she will undoubtedly begin thinking about the bills that will need to be paid. This includes not only car accident-related expenses, like medical bills and the cost of repairing or replacing a vehicle, but also regular day-to-day household expenses. Staying on top of mounting bills after an accident can be difficult, so we’ve included a few tips and suggestions that could help.

Sorting Your Bills

One of the most helpful things that an accident victim can do after a car crash (when grappling with household bills) is to divide those bills into two piles. All bills that are due immediately should go into one pile and all bills that can wait for a bit should go in the other. Bills due immediately will likely include rent and mortgage payments, utilities, and other basic expenses. Priority should be given to these bills when making payments.

Contacting Your Creditors and Bank

Accident victims can also contact their bank, credit card companies, and other creditors, explaining that payments may be late due to their involvement in an accident. This will give these institutions the opportunity to adjust their billing cycles and to renegotiate interest rates if necessary. Those with multiple creditors can also attempt to consolidate their debts into one payment, thereby eliminating the need to pay interest on multiple loans at once.

Minimizing Bank Account and Credit Card Balances

By only paying for the most important expenses, accident victims help keep their interest rates lower, while also keeping funds set aside for an emergency. Unnecessary spending should be limited, at least until the injured party has a better idea of what type of reimbursement he or she can expect from insurers.

Setting Up a Budget

Besides minimizing purchases in the immediate aftermath of an accident, setting up a budget can help injured parties get a better handle on their finances until they receive their settlement. To begin, they should take note of all monthly expenses, including rent, utilities, groceries, and cell phone bills. A separate list should include amounts for unexpected costs, like vehicle repairs and medical bills.

Helping Accident Victims Seek Reimbursement for Their Losses

Paying off medical bills and vehicle repair costs, as well as regular household expenses, often while being unable to work, can be extremely stressful for accident victims. Seeking compensation from at-fault drivers and other negligent parties can make all the difference to an injured party’s ability to pay off these costs. For help pursuing compensation after your own crash, reach out to the experienced Fort Lauderdale car accident lawyers at Boone & Davis today. We know how difficult these situations can be and will do our best to help ease your burden by seeking reimbursement from the person who caused your accident. To set up a free consultation, call our office at 954-566-9919 or fill out one of our brief online contact forms.

Sources:

floridabar.org/rules/florida-standard-jury-instructions/civil-jury-instructions/civil-instructions/#500

finance-monthly.com/2022/04/how-to-pay-your-bills-after-a-car-accident/