Plano Lost Income
If you are injured as a result of someone else’s carelessness and failure to share the road safely, you may be able to seek compensation from them. The Law Office of Doug Goyen is a Plano auto accident attorney that can help you fight for the best possible outcome. We can put you in touch with a Plano lost income lawyer.
A significant number of car accidents result in lost wages. When a person is injured and unable to work, he or she loses time and money from that work. This is just one of many reasons why people should seek compensation after being injured in an accident. The Law Office of Doug Goyen has been handling personal injury cases for over 23 years. We will immediately begin working on your case, providing expertise and strong representation. For a free case review, please contact us at (972) 599 4100.
If you are injured in an accident caused by someone else, the person or entity responsible must pay for all of your losses. This includes not only compensating you for medical expenses and pain and suffering but also compensating you for lost income or wages.
It can be difficult to obtain the full amount of compensation that you are entitled to after an auto accident. However, an experienced Plano injury lawyer at the Law Office of Doug Goyen can help you with your case and get you the money you are owed under Texas law.
People injured due to negligence often have lost income. When you are looking for a Plano lost income lawyer due to an auto accident, you need to hire a personal injury lawyer that handles motor vehicle collision cases. Wages lost in a personal injury or wrongful death lawsuit can cover a wide range of expenses, including:
- The income you lose as a result of your injury causing you to miss work.
- Because of your injuries, you used sick days, vacation time, or paid time off. If your accident requires you to miss five days of work, for example, you should be compensated for your time away from work.
- Any reduction in earning potential in the future. If you are forced to take a lower-paying job or are unable to work at all as a result of the accident, you should be compensated for all economic losses.
- Financial support from a loved one who was killed in an accident was lost. If your spouse, parent, or other family member was working and supporting you when they died in an accident, you should be compensated for a lifetime of lost income.
- The amount of money owed to you for lost wages as a result of an accident will vary depending on how much you make and how your earning potential was affected.
- For example, if you are never able to return to work due to your injuries, you should be compensated in an amount roughly equal to what you would have earned over the course of your lifetime if the accident had not occurred.
Determining how much money you should be paid can be difficult, especially when you have a lifetime of lost income to account for. Expert witnesses can be hired to provide the insurance company or jury with an estimate of the future value of your wages that you will no longer be able to earn.
You may have lost income or earning capacity if you were injured as a result of someone else’s negligence or wrongful act. They are not, however, the same thing. Income is lost in its entirety. The amount you could have earned if you hadn’t been injured is known as lost earning capacity. It may appear subtle, but it is noticeable. Because lost income is encapsulated within lost earning capacity, it is best to always claim lost earning capacity – just to avoid limiting your claim by claiming the wrong type of damage.
In Texas, the law allows recovery of Lost Income or Lost Earning Capacity
Always consider presenting this as “lost earning capacity” for the plaintiff. Income loss typically only covers “past” losses up to the date of trial, whereas loss of earning capacity covers both past and future losses. A person’s earning capacity must be lost as a result of a physical injury that limits their earning capacity. Future earning capacity awards will be decided by a jury.
The following factors are considered in the event of a loss of earning capacity: 1) endurance; 2) weakness and degenerative injury as a result of the injury; 3) pain tolerance, and 4) efficiency.
Even if a plaintiff has not suffered a direct loss, he may recover loss of earning capacity under the following conditions:
- An employer continues to pay him despite his inability to work (the collateral source rule would normally keep this information hidden anyway);
- If the plaintiff was a student or housewife who did not work but could have done so if the injury had not prevented them from finding work if they wanted to, they may be able to recover under loss of earning capacity.
- They may be able to recover for their lost earning capacity if they continued to work despite the injury.
- They can still file a claim for loss of earning capacity even if they earned more than before.
- The plaintiff can recover loss of earning capacity if he could have taken a higher-paying job but was unable to do so due to the injury.
- To recover for loss of earning capacity, there must be evidence that the plaintiff could work in some capacity prior to the injury, but that the injury impaired this ability in some way.
A claim for loss of earning capacity for a minor must be made by the minor’s parent.
All factors are considered when determining the loss of earning capacity.
The term “loss of earning capacity” refers to a claim for the ability to earn money rather than actual past lost income. The plaintiff, on the other hand, bears the burden of demonstrating how to calculate their loss of earning capacity. This can be simplified by comparing earnings before and after the injury.
Self-employed individuals can use methods of proof such as comparing the amount of money they would have made if they had worked for another company doing the same work instead of for themselves. Before and after comparison of business returns and financials Profits were lost as a result of being unable to continue working normally. The cost of employing someone to perform the Plaintiff’s work.
You must demonstrate the value of the self-employed worker’s services with a reasonable degree of certainty (which varies by the case).
Cases in which loss of earning capacity was not allowed: Plaintiff was receiving a draw from his business (but did not testify about any type of loss). Plaintiff turned down nine construction jobs but provided no evidence of what the profits were supposed to be on those jobs. The retired person stated that he “might” work again in the future, but he never stated that he was looking for work prior to or during the injury period, or that he had any plans to work during that time.Evidence of Loss of Earning Capacity:
Previous jobs and earnings; tax records; education and training; fringe benefits; and reasonable opportunities for advancement and promotion are all examples of evidence of loss of earning capacity.The Collateral Source Rule is Applied in Lost Earning Capacity situations:
The collateral source rule forbids mentioning welfare, Social Security, workers’ compensation, or other similar programs. The jury is not permitted to consider whether or not the award is taxable. (Of course, under the law, the court reduces the award to 80%, ostensibly to account for the tax issue.) Based on hearsay evidence, experts (economists) may testify about lost earning capacity.
Our Plano auto accident attorney can get compensation for your lost wages by negotiating a settlement outside of court. Most of the time, the person or entity that caused your accident will have insurance, such as auto insurance or homeowner’s insurance, that will cover your losses. This means you’ll almost certainly be negotiating your settlement with the insurance company.
Because you cannot go back and try to get more money after signing a settlement agreement, the settlement must cover all of your losses. This is why you should never sign a contract or settle a case without first having an attorney review it and negotiate the best possible recovery for you.
Taking your case to court is another option for obtaining monetary compensation. You will need to demonstrate that the defendant was at fault for the accident and the extent of your losses, including the amount of money you are unable to earn or were prevented from earning as a result of your injuries.
If you are needing a Plano lost income lawyer, an injury lawyer at the Law Office of Doug Goyen can help you with all aspects of your injury claim, whether you settle or sue for the most compensation possible.
Call us today to learn more about how we can assist you with your claim. Our firm represents personal injury victims in Plano and throughout Texas.
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