Personal Injury Compensation - How to Get the Compensation You Need
It is normal to worry about your finances when you are involved in an accident. This is especially true when you're the victim of serious injuries.
There are many ways to receive compensation for your injuries. This includes economic and non-economic damages such as suffering and pain.
Economic Damages
Financial compensation is available to anyone who has been injured due to the negligence of another party. The purpose of this compensation is to help you return to the lifestyle you had prior to your injury.
There are two kinds of monetary damages that can be awarded in personal injury cases: economic damages and non-economic damages. The first is to compensate for your financial losses from the accident while non-economic damages are designed to cover your emotional burdens.
In many cases, a judge or jury will award the victim with economic damages to make up for their lost wages, medical bills and rehabilitative care as well as damages to property, such as repair and replacement. The damages in this category are specific in that it may be documented using receipts as well as pay stubs, bills and receipts.
A defendant's negligence can cause different economic losses. These losses include :
- Loss in Earning Capacity
A victim may suffer a lower earning capacity following an injury. personal injury attorneys rockford could be forced take a lower paying job or even permanently disabled.
- Future Earning Capacity
This is a difficult factor to calculate since it is contingent on the age, the industry and the trend of a person's career at the moment of the accident. A person may be young and have a promising career, or they may have a retirement plan.
- Past Earning Capacity
This is a problem for jurors as it requires a thorough examination of the victim's past employment and future earnings. For instance, a defendant could be a recent grad with a promising career in engineering.
- In addition to lost wages, the victim may have faced other costs such as medical bills, car repairs, or even out-of pocket expenses for therapy or medication.
These expenses can be significant and can add up to an amount of money. To get a fair settlement, add all of these costs together.
There are a variety of factors which determine the exact amount of your financial damages, so it is crucial to consult an experienced personal injury attorney who understands how damages can be calculated and determined. Your lawyer will be able to give you a list of all your present and future economic losses as well as enlist experts who can assign the value of these losses in the course of formulating your compensation.