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What Is The Difference Between Loss Of Wages And Loss Of Potential Income In Personal Injury Law?

21 September 2015 by Franklin Vasquez

If it is has been months since your car accident and you are still dealing with the aftermath, you are not alone. Car accidents can leave lifelong injuries, which can be devastating for families. If someone crashed into you and you were left with permanent injuries, you can sue the other driver for monetary compensation. Among the things you can ask you, loss of wages and loss of potential income are two common ones. Here is the difference between the two.

Loss Of Wages

An accident that leaves people with injuries usually results in a loss of time at work. If you missed days of work after your accident, you can ask to be compensated for these missed days. Lost wages are typically easy to calculate, because you simply need to add up the amount you lost from taking days off for your injuries.

Lost wages can be added up for the entire time before you settle your case. In other words, if you miss a day here and there a year after the accident, you could still count these days towards your loss of wages from the car accident.

Loss Of Potential Income

Loss of potential income is different from loss of wages, because it refers to the amount of money you will lose for the rest of your life due to the injuries you obtained. Calculating this amount takes speculation, guesswork, and predictions, and these are some of the questions your attorney might investigate as he or she calculates this amount:

• Will you ever be able to return to your current job?
• Will you ever be able to work in the same industry again?
• Is there a chance you will never be able to work at all?
• If you cannot work in the same industry, could you work at all?
• If you can work at a different job, what will the pay difference be?
• How many years do you have until retirement?

These questions can help an attorney predict how much money you will lose out on for the rest of your working career. This amount is what the attorney will ask for to compensate you for a loss of potential income.

Personal injury attorneys know all the types of damages to ask for after a car accident, and your attorney will help you receive a fair settlement for your damages. To learn more, contact a personal injury attorney, like Owen Law Firm, in your area.

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