Category: Attorney

Any event in which a person or organization loses money can be considered an economic loss. These economic loss reports NY is an obvious loss that may be seen in any honest financial statement. A tangible loss of assets is required for this damage to qualify as an economic loss; otherwise, it would be considered a non-economic loss. Remember that this type of damage is not from a physical injury, a personal injury, or any other non-economic damage that cannot be proven.

Medical Expenses

Medical expenses are those that are related to the plaintiff’s medical condition. These include doctor’s bills, hospital stays, emergency room visits, ambulance fees, and nursing services. The amount of these expenses can serve as a guide to the damages awarded. The cost of a medical examination for litigation is not normally considered a medical expense. 

Home improvements may be eligible as medical expenses as long as they serve a medical purpose. In addition, amounts paid for the operation or upkeep of capital assets may qualify. Other medical expenses include any costs incurred to operate or maintain a capital asset. If the expenses are related to a spouse, they will also be considered medical expenses.

Lost Wages

Lost wages make up a substantial portion of a judgment for economic damages. Due to the accident or injury, you are entitled to compensation for any lost wages you have incurred thus far and in the future. However, you also have a right to compensation if your earning potential is reduced. For example, if your injury allows you to continue working but reduces your income, you are entitled to compensation for the difference. Future income loss is typically caused by permanent impairment or incapacity. You should also be compensated for any lost benefits and revenue sources. It might be in the form of commissions, bonuses, paid time off, or vacation. Your loss of income claim should also include the amount of any benefits you had to utilize during your rehabilitation or lost because you were unable to work.

Lost Earning Capacity

The term “economic loss” means the loss of income or future earnings that a person would have earned before the injury. In contrast, “lost earning capacity” is more difficult to prove because it requires the plaintiff to predict a hypothetical time when they will be able to work again. Calculating lost earning capacity is often speculative and difficult to prove. However, it can be a valuable indicator of a plaintiff’s current condition. The total economic loss can exceed a million dollars in many other cases. The threshold for establishing lost earning capacity is five years. Whether a plaintiff can earn less than half of the income, she was generating before the injury depends on several factors. For instance, a plaintiff with a fractured finger must demonstrate that she cannot perform her previous occupation as a symphony flutist. Another example is a plaintiff who cannot perform her former occupation as a plumber.

Out-Of-Pocket Expenses

Out-of-pocket expenses are often the least-recognized …

Bankruptcy is a legitimate financial tool that allows consumers to start over with a clean financial state. Depending on a person’s debt and income level, either Chapter 7 or Chapter 13 bankruptcy is appropriate. Below is a list of tips to consider while choosing a bankruptcy attorney.

Ask Crucial Questions

Request the number of bankruptcy cases that the attorney has filed and the duration they have been handling bankruptcy matters. Establish how often you will be receiving updates on the issue and the fees for filing bankruptcy. Ask questions that may nag your mind to get an honest and straight answer.

Do Your Research

Bankruptcy is a vital issue that affects various aspects of your life. Seek a bankruptcy law Orlando-based attorney who understands the process of filing for bankruptcy and who assists you in understanding the impact bankruptcy will have on your life, both positive and negative effects. Take time to seek the right advocate for you and check the state bar registry and the Better Business Bureau to find out dislodged complaints against the lawyer and the reasons behind them.

Price Should Be One Of Many Factors You Consider

People who are contemplating bankruptcy should avoid spending more money than they have to. Avoid making decisions based on the lawyer’s fees. The price may be misleading as firms tend to advertise meager prices, which is not practical due to the omission of essential processes.

Choose the right attorney to ensure the process is done right the first time. Hiring the cheapest attorney may result in a sloppy or rushed bankruptcy petition, resulting in clients surrendering thousands of dollars of property or money to the trustee that they would otherwise have kept.

Treat The Initial Consultation Like A Job Interview

Go into consultations with a lawyer with two goals in mind: to establish whether the lawyer you are seeking is the best fit for the job and learn the options for dealing with debt. Individuals should not feel pressurized to hire the first attorney they talk to. Bankruptcy is a cooperative process requiring hiring a legal practitioner you communicate well with and one you feel comfortable with.

Consider doing your online research and asking around for referrals. Hire a bankruptcy lawyer who is at par with your needs and facilitates a successful outcome for your case.