Asbestos has been used in industrial and commercial applications since the middle of the 19th Century up until around the 1970s. While it took many years, asbestos products manufacturers finally came to terms with the dangers their products posed to the public and ceased production, but not until many innocent people were hurt.
Fortunately, many victims were able to file mesothelioma cancer lawsuits against various asbestos companies for their debilitating medical conditions and the compensation they needed for medical treatment. However, it is not always necessary to file a formal lawsuit against an asbestos company to recover for damages. Instead, some companies created asbestos bankruptcy trust funds to dispense compensation.
Often times, companies reorganize through bankruptcy proceedings, which can also absolve them of liability for the harm their products have done. However, before courts allow companies to reorganize they sometimes require them to set aside large sums of money to pay out claims to victims, and the asbestos industry was no exception.
How do I File a Claim with an Asbestos Trust Fund?
Asbestos trusts are administered by third-parties and claims are not reviewed by the companies that set them up. Some aspects of filing a claim with an asbestos trust are similar to filing a formal lawsuit: Claimants must file paperwork and submit evidence to support their claim before a deciding body to receive their compensation.
While the relationship between asbestos exposure and developing mesothelioma has been known for many decades, there is no guarantee that submitting a claim will secure the compensation the claimant needs. Claimants will be expected to provide evidence supporting their claim, including:
- Medical documentation: Physician’s diagnosis, pathology reports, medical tests, x-rays, and other tests
- Employment records: Documentation showing the claimant worked with asbestos or was in an asbestos contaminated environment
- Affidavits: Sworn statements from coworkers or relatives attesting to the fact the claimant worked with asbestos
Because asbestos takes decades to develop after exposure, many of the vital employment records can be difficult to produce. Fortunately, the nationwide mesothelioma attorneys of the Throneberry Law Group have years of experience helping asbestos exposure victims collect the necessary documents and file paperwork to get the compensation they need.
How Much is an Asbestos Bankruptcy Trust Claim Worth?
Asbestos bankruptcy trusts do not have unlimited funds and therefore do not usually pay out 100% of a claim’s value. Depending on the trust and payment schedule for the injury, claimants can usually expect to receive approximately 5 to 25% of their claim’s value.
The advantage to an asbestos trust claim is time. Since the trust is administered by a third party, there is no defendant to litigate against. Formal asbestos injury lawsuits can take years to litigate before victims receive the compensation they need.
National Mesothelioma Lawsuit Attorneys
If you or a loved one developed mesothelioma, contact our office for a consultation about your case. The National mesothelioma lawsuit attorneys of the Throneberry Law Group know what it takes to get results for their clients and will work hard for you.
What is an Asbestos Bankruptcy Trust Fund?