Lost Income Compensation After An Accident In Clearwater, Hudson, Or Tampa

Accident damages range in scope, depending on the situation. Many people immediately think of compensation for medical expenses, which can be far higher than an average family can afford. But there are also times when a person is unable to work. They either need time off to heal or are unable to return to their previous line of employment because of injuries sustained in a Florida collision.

If you or someone in your family was involved in a car accident, it is possible you are struggling to understand how you will be able to afford your lifestyle moving forward. Income loss brings families financial and emotional stress. But, there are paths to compensation. Connect with a  personal injury lawyer to discuss what amount would be a full and fair settlement for you, given the details of your situation.

Lost Wages Calculations Vary

How your lost income will be calculated will depend on a variety of factors, including if you are paid hourly or on a salary basis. For example, if you were a salaried employee, your annual salary could be divided by the amount of working hours in a year. This number is typically 2080, because there are 52 weeks in a year and assuming you worked 40 hour weeks (52 x 40 = 2080).

Of course, not all jobs are created the same. There are times when workers rely on bonuses and sales commissions, numbers that extend beyond their base pay. You may also be suffering because benefits have been lost. Benefits are part of an individual’s work compensation and can be added to some settlements. A skilled legal professional can assess your situation and determine a figure for lost wages.

Pay Stubs, Bank Statements, and More

Documentation is a key part of a strong personal injury claim. Just as you will need hospital bills and doctor invoices to prove the need for financial compensation in connection with medical injuries, you will need documentation to secure compensation for lost income.

Documentation that could be needed:

• Paycheck stubs
• A letter from your employer
• Bank and bonus statements
• Self-employment records
• Profit and loss or cash flow statements
• Tax documentation

Future compensation could be calculated as well, particularly if an accident victim is disabled. In those situations, potential future income, including possible raises and promotions will be assessed. Your personal injury lawyer has contacts with experts who can review your records, look over settlement awards in similar past cases, and provide the appropriate settlement amount and the documentation attached to that number, if needed.

Are you unsure what to do now that you are unable to work following a collision? Talk to a skilled legal professional to understand what your options are moving forward. Compensation may be possible if you are juggling medical care expenses, vehicle damages, and lost income. Talk to an experienced personal injury lawyer to understand your rights. The attorneys at Roman & Roman have over 100 years of combined experience. Schedule your free consultation today in Clearwater, Hudson, or Tampa.