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Why Filing A Personal Injury Claim Is Better Than Bankruptcy

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When you find yourself seriously injured after a car accident, you may wonder if you will be forced to file for bankruptcy. Medical bills are the most common reason for an individual to file for bankruptcy. However, you may be able to win a successful personal injury case and avoid bankruptcy.

The Downsides of Bankruptcy

When you file for bankruptcy, this will remain on your credit score for years. This can have an impact on your ability to obtain credit and can also be searched by other parties such as employers. You can only file for bankruptcy a limited number of times. Avoiding bankruptcy and filing a personal injury claim might be the better option.

Your Case Might Be Stronger Than You Think

The other party might have been partially or fully at fault for your accident. For example, you might have run a red light, but the other party might have been speeding. The best way to find out is to speak to a personal injury attorney who has worked on your type of car accident case. 

You may be concerned about whether you can afford a personal injury case but an attorney will often offer a free consultation. Then, you will be able to make a more informed decision on whether to take legal action.

Aren't Personal Injury Claims Expensive?

While filing a lawsuit can be very expensive, most personal injury claims do not go to trial. Instead, it is more likely that you will negotiate a personal injury settlement with the insurance provider of the other driver at fault.

Insurance policies must come with liability insurance that covers damages caused by a car accident. This is something you shouldn't handle alone, however, because an insurance provider will do everything possible to reduce your settlement and will give you a low-ball offer.

What If You Can't Afford Your Medical Bills?

There are several ways you may be able to pay for your medical bills. You could:

  • File a health insurance claim
  • Take out a loan
  • Accept an early settlement offer

In most cases, accepting the initial settlement offer is a poor choice. If you are unable to pay for your current bills, your personal injury attorney may be willing to pay for your bills themself. Then, you will reimburse the attorney when they negotiate your settlement and you will not owe your attorney money if you lose your case.

Reach out to a personal injury attorney for more information.