Accidents affect victims lives negatively in many ways. At times, accident victims are lucky enough to escape the disaster with minor injuries. Other people run short of luck and suffer serious physical injuries and more. According to the personal injury lawyers in Queens, these injuries result in permanent disabilities that affect victims and their families in many ways.
- Expensive medical treatment.
- Mental anguish and pain.
- Loss of companionship or enjoyment of life.
- Loss of income and earning capacity.
The impact of everything mentioned above is understandable. But, according to personal injury lawyers in Queens, there is one thing that accident victims must understand. That there is a difference between the loss of income and loss of earning capacity, and the way both things are decided.
The Difference Between Loss of Income and Earning Capacity Due to Accident/Personal Injuries:
The loss of income, along with pain and suffering, is one of the main factors in personal injury claims. Almost all accident victims experience this. However, the loss of earning capacity can be a much bigger factor in personal injury cases as compared to other factors.
So what is the key difference between the two? That’s the million-dollar question you need an answer to.
- According to experienced personal injury lawyers in Queens, the loss of income is what you lose because of missing work days due to injuries you suffer.
- The loss of earning capacity refers to a reduction in your ability to perform your job in the manner that you did prior to your accident making it difficult to support yourself, as well as your family, financially – this is why personal injury victims are compensated for this in a way that helps fulfill their financial obligations and maintain their standard of living for their family.
Loss of earning capacity is actually a different type of compensation from the loss of income. Many factors must be taken into consideration while determining the compensation you should get for your loss of earning ability. For example:
- Your income before the accident.
- Your earning potential before the accident.
- Your earning potential after your accident.
- Your skill set.
- Your experience.
- Your work profile.
- Current market wage rates.
Have you or someone in your family suffered personal injuries due to someone else’s negligence? Have those personal injuries affected you, as well as your financial life, negatively in any way? Are you thinking about seeking the compensation you think you deserve?
Don’t worry! The Law Firm of Vaughn, Weber & Prakope, PLLC a group of experienced personal injury attorneys in Queens, Brooklyn, New York, Long Island, Manhattan, Staten Island, Bronx, Nassau County and Suffolk County is just a phone call away!
Call our experienced lawyers now for the right counsel!