Lost Income, Loss of Earning Capacity, and Personal Injury Claims
Anytime you are pursuing a personal injury claim for injuries sustained in a car accident, truck accident, motorcycle accident, construction accident, a dangerous premises, a ladder of scaffolding accident, or any other kind of accident resulting from the reckless or negligent actions of another party, one of the main components of your personal injury claim will be that of seeking compensation for your “lost income” and “loss of earning capacity”.
While the two may sound fairly similar, there is actually a significant difference between “lost income” and “loss of earning capacity”. But what is that difference, and when will your personal injury compensation include a recovery for one, the other, or both? Let’s take a look.
Clifton Personal Injury and Lost Income Attorneys
Any time you are injured in some kind of accident, depending on the severity of those injuries, you may be unable to work for a period of time. However, the lost income component of a personal injury claim is specifically meant for this type of damage.
If your injuries leave you unable to work for a month, for example, part of your personal injury claim will include this “lost income”. While calculating your lost income can sometimes be fairly straightforward, simply the time you missed from work multiplied by what you expect to receive for this work, there are other times when calculating lost income can be much more complex.
For example, if you are a private contractor, it may be difficult to say exactly how much work you missed, including potential new clients, and how much that work would have been worth had you not been injured.
This is one of the primary areas that your Clifton personal injury attorney will be able to assist you in, and ensure that you recover full and fair compensation for your lost income.
Wayne Personal Injury and Loss of Earning Capacity Lawyers
So while lost income will compensate you for any time you have missed from work due to your injuries, something you and your Wayne personal injury attorney can calculate in a relatively straightforward manner, if you have sustained more serious injuries such as a brain injury or a disability, those injuries may mean that you can no longer continue in your current line of employment.
This is where loss of earning capacity comes in. If your injuries mean you can no longer perform the duties required of your employment position, then you are entitled to seek compensation for your loss of earning capacity.
However, calculations for loss of earning capacity can often be extremely complex, and in this area in particular it is extremely beneficial to have our Wayne personal injury attorneys on your side.
By regularly working with a variety of financial consultants, we can accurately calculate things like potential raises, bonuses, and other career advancements like promotions, and extrapolate those calculations over the long term, thereby ensuring you receive full and fair compensation for your loss of earning capacity.
Contact Our Passaic County Personal Injury Attorneys Today
At The Law Office of Fredson and Statmore, our attorneys have extensive experience recovering full and fair compensation for our clients’ injuries in towns across Clifton, Wayne, Paterson, Woodland Park, and West Milford.
With millions of dollars in settlements and verdicts already secured for our clients, and a litany of positive reviews and client referrals, the service we provide and our track record of success speak for themselves.
To discuss your injuries, your options for recovering compensation, and how our firm can specifically help you in your unique situation in a free and confidential consultation with our attorney team today, please contact us online.