Lost wages are a big part of personal injury claims. When you get injured due to another party’s negligence, it can result in several days off from work. You need to seek medical treatment, focus on your legal claim and recover from your physical and emotional injuries before you can return to your normal life again.
While recovering lost wages from work may seem simple, the reality is different. This especially happens when the recovery time is longer, and the income sources are more than one. If your earnings were affected due to an accident, it is recommended to speak to a Richardson Personal Injury Attorney immediately. You should not have to lose money because of someone else’s carelessness.
What are the types of lost wages?
There are two types of lost wages in a Richardson personal injury case- past and future lost wages.
- Past lost wages.
When you get injured, you might miss work due to medical treatments, surgeries, therapy, doctor’s appointments, follow-ups, and hospitalizations. Missed days of work can cause a great toll on the victim’s finances.
You must have the right evidence to prove that you have lost income while receiving treatment for your injuries. Medical records, pay stubs, and income tax documents are usually used as evidence in such cases.
- Future lost wages.
Some injuries heal after a while, and others take forever. Severe injuries can impact your life and permanently change your income. You might never be able to go to work again, or you may have to take a lower-paying job if you lose the ability to work that you had before the accident.
Future lost wages are damages that compensate you for the income you will lose in the future. To prove future lost wages, you must prove that your injuries are permanent and will probably result in further losses.
How to determine lost income for the self-employed?
When you are an employer working for someone else, calculating lost wages is relatively simpler. The wages, then, are determined by multiplying the days you have missed work by your per day income. However, things get a bit complicated when you are self-employed.
If you are a freelance or an independent contractor, you may claim lost income, which is the amount of money you would have earned and profited from if you were not injured.
You need to submit documents to prove the amount you would have received from the day of the accident to the final judgment. Bank statements, receipts, invoices, etc., can serve as evidence.