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Car Accidents Can Lead to Bankruptcy

Published: April 29, 2015 414 8:41 pm

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Car Accident with Alert Sign - Car Accidents Can Lead to BankruptcyWe all know how expensive medical bills can be- even with health insurance. Now, imagine that you are injured in a car crash or similar personal injury accident. The medical bills will start accumulating, and in a worst-case scenario, the injured person may not be able to work. How will the bills get paid in the event of a personal injury?

Approximately, sixty percent of all bankruptcies in the United States are brought on by medical bills as a result of a personal injury. And it’s not just the poor and uninsured who struggle to stay afloat when the bills start stacking up, middle-class families are at risk as well without the help of an experienced personal injury attorney to guide them through the tricky process of claims negotiations.

The major contributing factors are the skyrocketing costs of hospital stays, prescription medications, insurance premiums, medical equipment, and nursing home/rehabilitation care.

Accidents can happen any time, catching families off-guard. Car accidents can result in all kinds of trauma, from spinal cord injuries and paralysis to brain injuries and debilitating emotional trauma. These types of injuries can result in astronomical medical bills and can leave an injured person unable to work. These bills stemming from car accidents can lead to bankruptcy.

Unfortunately, the Social Security Administration will not consider an injured person to be disabled until they have been out of work for 24 months. During this time, medical bills are still accumulating, putting a family deeper and deeper into debt.

Even if the insurance company offers you a settlement, it may not be enough to cover long-term care or lost wages. Without the help of an experienced car accident attorney to negotiate your settlement with the at-fault party or their insurance company, you could be left to pay for everything yourself, catapulting your family into bankruptcy.

Read More: The Top 5 Most Accident Prone Car Brands

How a Car Accident Attorney Can Help

After a car accident, you have the right to use the legal system to pursue compensation for your injuries and losses. Typically, however, there is an insurance policy in place to pay you for your losses. The insurance provider would rather pay you a settlement and in return, you agree not to pursue legal action. This is more advantageous to them and, generally speaking, to you as well. Taking a case to trial could drag out for months to years, or result in no compensation at all for you. However, accepting a settlement can be just as risky, especially if you settle too quickly, or for a smaller amount than will be necessary to adequately cover all you medical expenses- present and future. To protect your family, never accept a settlement or sign anything until you have consulted with an experienced Denver car accident attorney.

Contact Our Experienced Denver Car Accident Attorneys

The Denver Car Accident Law Firm of Gregory GoldIf you or someone you love has been injured in a car accident, our Denver personal injury law firm can help. Contact Gregory A. Gold of the Gold Law Firm today for a free consultation at (303) 694-4653.