How is Loss of Income Calculated After a Motorcycle Accident in NJ?
Recovering from a motorcycle accident is often a lengthy and painful process. Many accident victims cannot work for a while after a crash and end up losing income.
You can sue the person responsible for your motorcycle accident and claim many damages, including lost income. How we calculate the value of your lost income depends on the nature of your employment and how long you are out of work. Not only can you claim income you have missed out on since the accident, but you can also claim income you will likely lose in the future. Calculating potential future lost income can be tricky, and you should speak to an attorney about how to go about it. We might need to speak with various experts about calculating these damages so you get fair compensation.
If you have been unable to work since a motorcycle crash, call our NJ motorcycle accident lawyer, Jerry Friedman, at 1-800-529-4464 and schedule a free case assessment to get started.
Claiming Lost Income as Part of Your Damages in a NJ Motorcycle Accident Case
Lost income may be a significant part of your damages in a lawsuit for a motorcycle accident. It is normal for injured motorcycle riders to take a bit of time off from work to recover. In some cases, accident victims are so badly hurt that they cannot return to work for long. Even if they only take a few weeks off, accident victims can lose valuable income.
Lost income may include more than you think. Of course, the earnings you have lost from the accident date up until now may be considered lost income. Additionally, earnings you reasonably expect to lose after your case is complete may also be considered lost income. This is important for people who must take time away from work indefinitely or permanently.
How lost income is calculated depends on a few different factors. Our NJ motorcycle accident lawyers can help you consider your average wage, the time you have been out of work, and the time you expect to remain out of work. These calculations are simple for some but very complex for others.
How Current Lost Income Might be Calculated in a NJ Motorcycle Accident Case
Current lost income includes earnings and wages you have lost between the accident and now. How we calculate these damages depends on multiple factors. First, we should determine how you are paid and how much you earn in a given period. Next, we need to weigh your earnings against the time you have been unable to work.
Many people are paid an hourly wage. This might make calculating current lost income rather simple. Suppose you are paid $20 per hour and normally work 40 hours each week. That is a net income of $800 per week. Next, suppose you could not work for 4 weeks after the accident. In that case, you would have lost $3,200. If you work fairly regular hours, this is a simple calculation. If your hours are more unpredictable and tend to vary, it might be a little trickier.
If you are paid an annual salary, we can determine how much income you lost based on the time you could not work. For example, a plaintiff might be paid $100,000 per year based on a 12-month calendar. If they could not work for four months, that is one quarter of their annual salary, or $25,000, they have lost so far.
Contract or gig work tends to be more complicated because they are more subjective and unpredictable. One method is to assess how much money you typically earn for a single contact or gig. Next, we can estimate how many contracts or gigs you lost during the time you could not work. If you typically get 3 contract jobs per month and are out of work for 2 months, that is 6 contract jobs you lost. If each contract is worth an average of $5,000, you might have lost $30,000.
Calculating Future or Potential Lost Income in a Motorcycle Accident Case in NJ
Our Camden motorcycle accident lawyer can help you account for income you might lose in the future if you still cannot work after your case is complete. This is trickier, as unknown variables may or may not come up depending on your work situation and career path.
A doctor can help us determine how long you might continue to miss work based on your injuries. You might have a good prognosis, and the doctor might expect you to be able to work again in a few short weeks. You might have a more difficult prognosis, and your doctor might not expect you to work for a year or more, maybe ever.
If you cannot return to work at all, how many working years did you have left? Would you have worked until retirement age at around 65? Maybe you could have worked for longer. Could you have reasonably expected pay increases? You might have missed out on opportunities for career and salary advancements.
Do I Need an Attorney to Help Me Calculate Lost Income After a Motorcycle Accident in NJ?
Calculating damages for lost income can be challenging, and you should hire a lawyer to assist you. Your lawyer should be familiar with damages, including those for lost income, and how they are typically calculated in various situations. Your lawyer can connect you with the right experts to help you calculate the income you have lost and might continue to lose.
For example, doctors and medical experts can help us determine how long you might be out of work. Their testimony is important in cases where plaintiffs cannot work ever again. Accounting specialists and experts in your field can shed light on how your career might have progressed and how much money you likely would have made.
Contact Our NJ Motorcycle Accident Lawyers for Help Calculating Lost Income and More
If a motorcycle crash prevents you from working, call our Cherry Hill, NJ motorcycle accident lawyer, Jerry Friedman, at 1-800-529-4464 and set up a private, free case evaluation to get started.