You may still be able to file a claim and pursue a fair recovery even if the company that manufactured products made from asbestos and exposed you is now bankrupt. However, the rules for pursuing a claim may be different than they typically are in a personal injury lawsuit. Therefore, it is important to understand your rights and to work with a mesothelioma attorney who is going to fight for your fair and just recovery.
Asbestos Trust Funds
Many manufacturers of products made with asbestos seek bankruptcy relief under Chapter 11 of the United States Bankruptcy Code. Chapter 11 requires companies to submit reorganization plans. For many of these companies, trust funds to compensate people who develop mesothelioma or other asbestos-related health conditions are a required part of that plan.
Trust fund claimants may be former employees of the now bankrupt company, or they may have been exposed to the products made with asbestos without being employees. For example, the now bankrupt company may have made a piece of equipment or a product that the claimant worked with as an employee for another company, or the claimant may have been exposed to asbestos because he lived with someone who worked with the product containing the asbestos.
Once the trust fund is established, it is managed by trustees who authorize payments to individuals who make claims. Most trusts have a schedule of payments that explain how much should be paid out to a claimant with an asbestos-related illness.
To make a recovery from an asbestos trust fund, a claimant must typically file a written statement and give supporting evidence to prove where and when he was exposed to asbestos and what medical condition he has developed because of the asbestos exposure.
Asbestos settlement trust funds have paid out billions of dollars to millions of claimants since the late 1980s. Yet, some trust funds are underfunded, and deserving claimants may only receive a small percentage of the recoveries they deserve.
Protect Your Recovery: Hire an Experienced Asbestos Injury Lawyer
You will need to provide convincing evidence and strong arguments to make a fair recovery from an asbestos trust fund. Our lawyers can gather the necessary evidence and negotiate with those managing the trust fund while you continue to focus on your health and your loved ones.
To learn more about how we can help you get a fair asbestos trust fund recovery , please contact us online or call our office directly at 318.588.6303 to schedule a free, no-obligation consultation. If we take your case, you will not owe us any upfront legal fees. We will represent you on a contingency fee basis, and our fee will be an agreed upon percentage of your settlement. You can also learn more about your rights by downloading a free copy of our book, Mesothelioma and Your Legal Rights.