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The Loss of Current and Future Income in a Colorado Personal Injury Claim

By Peters & Nolan, LLC on March 11, 2022

If you have been injured in an accident caused by another person’s negligence, you have the right to seek compensation to cover the cost of your injuries. Your personal injury attorney will investigate the accident and calculate the true cost of your injuries so they can file a claim against the negligent party’s insurance company.

In addition to covering the cost of your medical care, the claim your lawyer files will also take into consideration how your financial situation is affected by the accident. This includes income lost because of time missed from work as you recuperate from the accident. The accident may also impact your ability to find gainful employment in the future.

Loss of Current Income

Your bills keep coming when you are injured, whether you are suffering the effects of an automobile collision, a slip and fall, or some other type of accident. Victims frequently lose a great deal of income while recuperating. Your attorney will review your timesheets, tax returns, and information from your employer to calculate your total losses, which may include:

  • Wages
  • Vacation and sick days
  • Commissions or bonuses
  • Pay and salary increases you were on track to receive
  • Other benefits such as transportation allowances
  • Retirement fund contributions

If you are self-employed, your business could really suffer from your time away from work. In these cases, your attorney will collect the following types of evidence to support your claim:

  • Tax returns
  • Correspondence with clients
  • Profit and loss statements
  • Documents provided by your accountant

Loss of Future Income

Many types of accidents cause long-term or permanent disability. It may be difficult or impossible to return to your previous job. You may have to seek a new type of employment, and this often requires extensive training.

In some cases, the injuries will be so severe that they prevent you from doing any type of work at all. Your attorney may consult with experts such as physicians, vocational specialists, and economists to help determine the amount of future income you’ll be losing as a result of the accident. Your total loss of earning potential will be influenced by these factors:

  • Earning history
  • Vocational skills
  • The nature of your disability
  • Capacity to learn a new trade
  • Current training and education levels
  • Remaining years you would have worked
  • Likelihood of full or partial rehabilitation
  • Prior job responsibilities

Injuries That Impact Earning Potential

Supporting yourself in the future is a huge concern for anyone who has suffered a traumatic injury. There are certain types of injuries that may significantly impact your ability to perform normal job duties. These include:

We’re on Your Side

You shouldn’t have to pay for injuries that were caused by another person’s negligence. Attorneys Andrew J. Peters and Andrew J. Nolan will fight to get you the money you need to cover the full cost of your injuries.

Call (970) 243-4357 today and schedule a FREE consultation with our outstanding legal team at Peters & Nolan, LLC. We have the skills and resources to maximize your personal injury claim.

 

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Peters & Nolan, LLC is your ideal source for high quality legal representation throughout the state of Colorado. Known for being personable and responsive, attorneys Andrew J. Peters and Andrew Nolan are aggressive trial lawyers with an excellent record of trying and settling cases in criminal defense, DUI/DWAI and personal injury.