We Proudly Serve Accident Victims Injured Across The State of Texas
Loss Of Income
One of the financial damages that accident victims may seek is lost income. You are entitled to compensation for your missed income if you cannot work as a result of the incident. However, calculating lost earnings involves several procedures.
Calculating loss of income damages might be difficult. If an attorney does not include all of the elements of lost earnings or consult with specialists, the victim of the accident may not obtain complete compensation for his or her injuries.
Texas Personal Injury Lawyers have significant expertise calculating lost earnings damages and collaborating with industry professionals to guarantee that our clients are properly compensated for their losses. Contact our office for a free consultation if you’ve been hurt in an accident.
Factors To Consider When Calculating Income Loss In A Personal Injury Case
Here are some of the circumstances that will be considered when your future missed pay claims is brought before a court:
- What were your pre-accident income levels and previous pay raises on the job?
- Your evaluation of job performance which will be used to determine if you are qualified for future employment.
- What are your education and training?
- Did you have future career aspirations based on your professional credentials and employment history before becoming disabled?
Even if you have worked for only a little while or never before, as an injured person, you may be able to claim a high future earnings potential. Even if you have never held a full-time job or are still in school, you may be compensated for future lost earnings.
How To Prove Injured Loss Of Income As A Result Of An Injury
To prove this aspect of your lawsuit, you’d need to document a variety of circumstances. Here are some examples of the things that might demonstrate what you could make in the future:
- To prove your earning potential, provide pay stubs from your most recent employment and tax returns.
- Any training certificates you may have is also necessary.
- Expert testimony regarding your profession and industry, including job progression in the field.
- Expert economic testimony on inflation multipliers that should be applied to future earnings.
- Expert testimony to demonstrate how long the plaintiff may not work and how much labor his or her injury prevents them from performing, as well as copies of your medical bills.
- Proof of the value of the fringe benefits that you received from your job because those count as compensation that you have lost.
Some Other Elements To Consider In A Continuation Of Loss Income Request
Even if you are able to keep working at the same position, your injuries may be preventing you from further career progress and advancement. Your injuries might be keeping you from progressing and promotion on the job as a claimant.
For example, you may require more time off from work in the near and distant future to deal with the consequences of your injuries. That might cost you a promotion that you felt was yours in the future before your personal injury accident occurred.
If your lawsuit is successful, you could expect a lower salary. You may still be compensated for what you are losing as a result of your accident. Economic losses are meant to replace you in the same economic condition that you would have been in had the accident never occurred. As a result, you might still be eligible for future lost income as an accident victim if you can demonstrate that your earnings are less than they would have been.
Defenses To A Loss Of Income Claim In A Personal Injuries Case
One of the matters that is hotly contested if your personal injury case goes to trial is missed wages. The opponent understands that in the court docket, they will have to fight hard since a win for them may result in a large payout.
The opposing party will most likely raise a number of defenses to your claim for future lost wages. The first thing they will attempt to do is assert that you can still work in your present position. Even if you are unable to work right now, you will have the opportunity to do so in the near future. As a result of this, even if you were compensated for missed pay, it should be confined to a specific time period.
This can be surprisingly difficult to determine. For example, if a construction accident crushed your limb, it’s very doubtful that you could ever resume performing hard labor.
In these situations, the defendant will claim that you have the capacity to complete any job because you can do anything. Of course, it assumes that you have both the ability and capacity to be re-trained in a profession in which you have never before worked. The defense, nevertheless, will argue that the amount of money you may make in another career should be deducted from your lost earnings compensation.
Finally, the defendant will dispute the amount of lost income you claim you are owed. Your current income should be adjusted by a multiplier to reflect both inflation and your increasing experience as time goes on. A more experienced employee makes more money than an entry-level employee. The defense lawyer will do everything in his or her power to keep your future earnings calculations as low as possible.
The defendant will almost certainly have its own experts who reach different conclusions than your expert witnesses. They’ll be arguing that you shouldn’t get paid future pay or that your recovery should be modest
How To Prepare For And File A Successful Loss Of Loss Income Claim
Taking these feasible measures at the start might assist you in calculating and defending your loss of income claim. The most accurately determined and well-supported loss of earnings claims have the best chances of success:
- Keep any pay slips (or similar financial records) you might receive while on leave. This allows us to calculate your actual earnings during your absence.
- Dig out pay slips or other records to establish what your earnings were for at least 13 weeks before the accident so that we can make an informed guess as to how much you made prior to the accident.
- Keep a detailed accounting of your work absence. Make sure you document any half-days, missed attempts to return to work, and pre-booked holidays (or similar time away) that you miss as a result of your absence.
- Consider how much you may have missed out on, and how much that overtime was worth to you if you didn’t get overtime. Is there a coworker with the same pay grade who could have done the extra work but couldn’t because it would have breached their contract? If so, will they be willing to produce proof regarding any possible losses?
- Keep track of any additional payments you get throughout your absence, and make sure you save all related papers. As previously stated, some payments (such as private insurance) are unlikely to have an impact on your claim, whereas others (such as state benefits or similar) might potentially be deducted from the award. We need to know about any such payments so that we may properly evaluate your claim!
- Think about whether you’ve missed out on a promotion or other chances for career advancement as a result of your absence throughout extended absences. Was there a clear career path forward for you, or would promotion have been less predictable? What kind of evidence do you have to show the likelihood of this marketing and/or the degree to which it would have improved your financial prospects?
- Do you have to change your job responsibilities as a result of any continuing injuries? If this is the case, what effect has it had on your current salary and future prospects?
- Pay attention to the statute of limitations for your case!
Remember, as personal injury attorneys, it is our duty to ensure that your claim is properly filed and that you receive all of the compensation to you are entitled to. Are you happy with the way that your prior solicitor is handling your case now? If so, great! However, if not, remember that you have the option of transferring your matter to Truth Legal and taking it from there.
We can assist you with any aspect of a compensation claim for missed income. Please do not hesitate to contact us if you have any questions at any point.
Call us at (888) 997-2148 now for your free consultation.
We take cases on a contingency fee basis and there are no costs unless we win, and the consultation is completely FREE. Contact us to learn what Texas Personal Injury Lawyers can accomplish for you.