Did you know that the law allows you to recover any lost income which resulted from a personal injury?
The loss of one’s income can be one of the most stressful parts of recovering from a personal injury. Even once you physically recover from your injuries, if you are unable to return to work, it can place a great deal of financial strain on you and your family.
While the insurance company may try and take advantage of your financial hardships by offering an unfairly-low settlement, it’s important to understand that you are entitled to seek 100% of your lost wages following a personal injury. Why should you take a pay cut for something that wasn’t your fault?
The majority of people don’t immediately think of lost income after a serious injury as its not usually a priority in the early stages of recovery, but the ability to support one’s family during the months that follow can prove challenging for many households.
What entails “lost wages?”
Lost wages can include any income that the victim would have earned had he or she not been injured. In addition to normal wages, this can also extend to overtime that you would have likely worked, bonuses, and even expected raises. Lost wages are categorized as “special damages” (as opposed to “general damages”). Special damages refer to your out-of-pocket expenses, and can include such things as medical bills and other quantifiable monetary losses.
In the case of an accident that results in permanent disability, the injured party has the right to seek compensation for any income he or she might have earned based on “future earning capacity” (also referred to as lost earning capacity, future loss of earnings or impairment of earning power). Determining one’s future earning capacity is a complex process, but can take several factors into account such as age, skill level, life expectancy, usual occupation, wage rates, market values, and more. Claims for loss of future earning capacity are not based on the victim’s actual earnings prior to the injury at all; they’re simply calculated based on the victim’s ability to earn money moving forward.
Your attorney will explain how these damages are determined in your specific situation, and will included them as part of the demand sent to the defendant.
Speak With a Personal Injury Lawyer About Your Case For Free
The attorneys at Rasansky Law Firm are happy to speak to you about your potential case free of charge. If we can help with your claim, we’ll do so for no out-of-pocket cost to you. Call us 24/7 at (214) 651-6100, or toll-free at 1-877-405-4313.