What are Economic Damages?
Economic Damages is a term that encompasses any kind of financial loss that an injury victim has incurred due to an accident. They are damages that can hypothetically be measured at an exact dollar amount. Because of this, they are more objectively-measured than non-economic damages. They can include medical expenses, loss of income, and funeral expenses among other monetary costs. Economic damages are also known as pecuniary damages.
Quantifying the level of economic damages incurred after an accident impacts the damages that may be received by a plaintiff in a lawsuit. A plaintiff being able to recover from financial losses and become whole again following a defendant’s negligence is considered a function of the justice system. Because economic damages need to be objectively measured, much evidence needs to be provided for accuracy.
According to the American Bar Association (ABA), many states follow the Economic Loss Doctrine, which holds victims from recovery when “the negligence of others results in purely economic loss.” That is to say that in many cases, something like injury or distress needs to be proven in order for a victim to recover damages. In concept, this is to prevent plaintiffs from seeking recovery that is greater than necessary.
More information about Economic Damages
Are Personal Injury Lawsuit Settlements Taxable?
The tax implications of personal injury settlements can be confusing, but Munley Law is here to help. 
Let our legal team at Munley Law Personal Injury Attorneys provide the clarity and expertise you need to handle your personal injury claim settlement with confidence. We will guide you throughout the process of your lawsuit as well as any tax implications. Talk to a personal injury attorney at Munley Law today for a free consultation.
Are Settlements Taxable?
Under the Unites States’ federal tax law, personal injury settlements are generally not taxable. The Internal Revenue Service (IRS) exempts these settlements from taxation to safeguard injured victims seeking compensation from additional financial stressors.
Non-Taxable Components of Personal Injury Settlements
“The amount of any damages (other than punitive damages) received…on account of personal physical injuries or physical sickness [are exempt] (IRC, […]
Read MoreMore information about Economic Damages
Traumatic Brain Injury After a Car Accident
Traumatic brain injury (TBI) resulting from a motor vehicle accident can cause severe damage to the brain during a collision. The force of the impact may cause the brain to move violently within the skull, leading to injuries that range from mild concussions to severe injuries with permanent damage. Medical care is essential after such traumatic injuries to prevent further complications. Patients recovering from TBIs often face cognitive impairments, emotional instability, and depression, along with physical symptoms like loss of balance and double vision. Medical professionals emphasize that untreated TBIs can escalate into more serious conditions, such as secondary brain injury, where the brain experiences further damage in the hours to days following the initial impact.
Head-On Collisions: The Leading Cause of Traumatic Brain Injuries
In head-on collisions, where the front of a vehicle strikes another object or car, […]
More information about Economic Damages
Chambersburg Personal Injury Lawyer
Have you or a loved one suffered an injury in Chambersburg, PA? Facing the recovery from an injury can be
overwhelming, but you don’t have to face it alone. Turn to Munley Law, where our team of Chambersburg personal injury attorneys is ready to fight to ensure that those responsible for your injuries, pain and suffering are held accountable. Our expert attorneys specialize in every field of personal injury law, including car accidents, truck accidents, construction accidents, workers’ compensation claims, motorcycle accidents, and more.
Let Munley Law protect your rights and pursue the justice and compensation you deserve. Contact our Chambersburg team today to discover how our experience and commitment can make a difference in your case.
Why Should I Hire a Personal Injury Lawyer After an Accident in Chambersburg?
A personal injury lawyer can help you get the maximum compensation for your personal injury claim. […]
Read MoreMore information about Economic Damages
How Long Does it Take to Receive My Personal Injury Settlement?
If you or a loved one have been injured due to someone else’s negligence, you know how overwhelming an accident’s
aftermath can be. Managing medical appointments, financial losses, and daily tasks can be exhausting. Maintaining financial stability for your family may seem impossible, and you are wondering when a settlement is reached, how long it will take to get paid? Compared to the time it takes to settle a claim, the wait for payment is usually short. Once your claim settles, you can receive the money within a few weeks.
At Munley Law, we understand the financial burdens you are facing. Our personal injury lawyers will work hard to make sure you receive your settlement check in a timely fashion. Contact our personal injury law firm today to schedule a free consultation.
Steps Involved in Receiving a Personal Injury Settlement
A formal settlement agreement is created once both parties agree on a settlement. […]
Read MoreMore information about Economic Damages
How Much Is a Back Injury Worth in an Accident?
Dealing with the aftermath of a back injury from an accident on the road, during your commute, or at work can be challenging. It’s difficult to estimate the cost of your recovery and future care. An experienced personal injury lawyer can help. They will assess your situation, gather the necessary documents, like medical bills and lost wages, and consider your pain and suffering. They will then determine a fair value for your personal injury claim. 
Munley Law Personal Injury Attorneys has over sixty-five years of experience with back injury accident claims. We have the resources to help our clients file a claim and receive maximum compensation. Contact one of our skilled attorneys at Munley Law Personal Injury Attorneys today for a free case evaluation.
How Much Is the Average Settlement for a Back Injury?
The Occupational Safety and Health Administration (OSHA) reports back injury claims to average between $40,000 and $80,000. […]
Read More
