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One of the most significant challenges one can face in the aftermath of a serious accident is the burden of remaining financially solvent if one has been left unable to work. This type of devastating injury creates a variety of psychological impediments that are only compounded by money issues. Even in cases where one expects to ultimately recover from a legal settlement, the period prior to realizing that result can be difficult. Fortunately there are steps that one can take to stay afloat and manage one's finances, particularly during the transition period:

Explore Disability Benefits

While it is very easy to succumb to feelings of defeat, remaining proactive is often the best way to address one's financial needs. Many employers not only offer short-term disability benefits as an option, they may automatically provide it to their employees. It is critical to explore this option early because there may be a time limit for filing a claim. It is unlikely that this money will alone be sufficient to cover all of one's expenses, but it can serve as an important bridge.

Contact Creditors

It is generally easier to negotiate with creditors before there is a significant problem because this provides each creditor with some evidence that one wants to meet his or her obligations. If one knows that he or she will be unable to meet an existing payment schedule, by contacting the creditor immediately, the most options will be available. In some cases, a creditor may have a program specifically designed for borrowers that have suffered a permanent disability.

These programs will often require the borrow to apply, so the sooner this is undertaken, the better chance one has of receiving a positive outcome. In other cases, however, the creditor's policies may preclude any action until one's account is in default. In these cases, knowing the precise criteria will allow one to manage the situation as best as possible.

Look for Resolution

While not all accidents involve liability, many require the analysis of a trained professional to determine if recovery is possible. Whether one is in need of a car accident attorney or an industrial accident attorney, getting professional advice is prudent. If recovery is possible it can dramatically impact the outlook for one's finances.

While there is no pleasant way to manage one's finances after a severe personal injury, taking a proactive approach gives one the best chance of staying solvent. By considering various options and actively managing the situation, one can give him or herself the best chance of a positive outcome.

This was a guest post.