Can I Recover From Income I’ll Likely Lose in the Future Due to a Car Accident?

When you get into a terrifying car accident, it can impact you physically and financially. In addition to medical bills, if your injuries are serious, you will also suffer from wage loss. Taking time off from work may be necessary if you need time to recover. This can also be true if your injuries temporarily or permanently disable you, preventing you from performing tasks on the job. When you experience income loss, this amount can also be included in your settlement. A personal injury attorney can estimate how much you have lost on your behalf and make sure you are fully compensated for wage loss damages.

What Counts As Lost Income?

According to The Pendergrass Law Firm, any form of income that comes from the full-time, part-time, contract, and self-employed work tied to your normal line of work can count as lost income if you were unable to do your job because of your personal injury. Lost income includes how much money you lost in the past and the future. If you suspect that you may be unable to work for several months, your car accident attorney can help you estimate how much in wages you will lose over time. There has to be a demonstrable need for you not to be able to return to work for a period of time. For example, if you only have chronic lower back pain, you likely will be able to return to work on pain medication. However, if you broke an arm and are wearing a cast, and worked as a restaurant server, you will need to stay home until you recover.

How is Lost Income Estimated?

If you are self-employed, this estimated amount may be based on an average; however, if you are employed by a company, it will be based on your normal wages. Contractual and part-time work will be estimated in a similar fashion, based on the hourly amount that you normally work or is indicated in your contract. For example, if you typically work 40 hours a week and missed seven weeks of work, then how much you were paid hourly for those seven weeks will be estimated. The lost income is estimated fairly because you were unable to work due to a car accident due to the other party’s negligence.

What About Future Lost Income?

Some car accidents can result in long-term disabilities that can be disastrously life-changing. For example, you may have a spinal cord injury that doesn’t allow you to stand or sit for long periods of time. This can prevent car accident victims from working as a cashier or doing a desk job, as the discomfort and pain from such an injury make it impossible to hold a full-time job. With this in mind, it is possible to include future lost income, even if it is for an extended period of time. If your doctor advises you to stay home from work for an additional three weeks after you’ve been out of work for a month, then you can let your attorney know to include this.

What If I’m Partially At Fault?

When you are partially at fault for your car accident, your settlement can be influenced and reduce the total amount you receive. You can still receive compensation for your damages according to comparative negligence law. However, depending on how much you contributed to your accident, you can expect that the amount you can claim for lost wages will also be less. For example, if you contributed to 50% of the car accident, you can only claim half of your damages. Your lost income may also be reduced by half the amount you initially anticipated. You can seek counsel from a car accident attorney to accurately calculate how much you can receive in damages after a bad car accident.

What If I Lose My Job Because Of My Car Accident?

If you suffered from job loss because of a permanent disability, you can get help from an attorney to discover how this impacts your damages. Typically, job loss is associated with the need for new certification and training. Additionally, you may be required to job hunt and use recruitment services. Speak with your attorney to see if they can include these costs in the case that, in addition to lost wages, you have to find a new job because of excruciatingly painful wounds.

What Other Damages Can I Recover?

In addition to lost income, you can also receive compensation for medical bills, property damage, and pain and suffering. Your attorney can review your case, add up all the expenses you collected, and estimate how much your settlement is worth. As long as you have the evidence to back up your compensation claim, the other party cannot deny you compensation for your injuries.

What Are My Next Steps Once I’m Struggling With Lost Income?

When you have no income, and you’re already dealing with expensive medical bills, it can be an overwhelming and stressful experience. You may be struggling and unable to remain financially stable because of a bad car accident. This can put extra stress on not only you but also on any family members that depend on you. Even though your insurance company may be able to help, there is likely a cap on your insurance policy that doesn’t cover all of your healthcare bills or property damage.

This is why seeking the help of a car accident attorney can greatly benefit your chances of obtaining the settlement you deserve. The attorney will direct you through what next steps you take while they are negotiating a fair settlement on your behalf. If you are struggling with your finances, you should consider receiving a pre-settlement loan to help support you through these difficult times. You can ask your attorney how pre-settlement loans work and whether your case would be eligible and qualify for a loan amount.