Fortunately, victims in personal injury cases can recover compensation for the loss of earning capacity. Damages for the loss of earning capacity are economic damages, designed to compensate the injured person for the loss or reduction of the ability to earn future income. It's important to note that a person doesn't need to suffer a permanent injury to recover lost wages. Even if the injured party is expected to fully recover, they may still experience a temporary loss of income during their recovery period.
In addition, certain injuries can result in decreased work capacity or the need to switch to a lower-paying job, which can also be compensated. You cannot recover compensation for damages until you prove that the other party caused your injury. Therefore, you must have evidence that proves the legal elements of a personal injury claim. Loss of income and loss of earning capacity are legal damages stemming from a personal injury lawsuit, but there are key differences.
That is, loss of income refers to past income. Loss of earning capacity refers to unearned future income. Government statistics show that a person who continues to work with a chronic injury will leave the workforce sooner than a person without that condition. New York's statute of limitations for filing a claim for loss of income is the same as the deadline for filing a personal injury lawsuit.
The impairment of the power to work constitutes an injury completely independent of any pecuniary benefit that the exercise of that power may entail and, if the injury has reduced this power, the plaintiff is entitled to compensation. Demonstrating your lost wages and your ability to generate income in the future is an essential aspect of your personal injury claim. In the case of personal injury lawsuits in Arizona, victims (or their families) have two years to file a claim for loss of income. This is for the money lost because a person had to take time off work to recover from injuries sustained during an accident.
This type of compensation is available when the injured party can show that they suffered a loss of income as a result of the injury and that they will continue to suffer a loss of income in the future because of their injuries. While there is no exact formula for determining lost wages and loss of earning capacity, the experience and evaluation of your personal injury lawyer play an important role in determining the loss of income. Calculating the loss of income in a personal injury claim is a nuanced process that is based on several factors and evidence presented by your lawyer. It's always best to talk to a Bronx personal injury lawyer as soon as possible after an accident or injury.
While you can file a personal injury lawsuit against the at-fault person's insurance company on your own to obtain compensation for present and future wage loss, it is highly recommended to hire a personal injury lawyer to represent your interests. When you file a personal injury lawsuit, you have the right to recover compensation for money you can no longer earn. For help determining what category of damages your injury claim falls into, contact an experienced personal injury lawyer.