Fortunately for victims of toxic asbestos exposure, the U.S. Bankruptcy Code required each asbestos company that successfully filed for bankruptcy to create an asbestos trust fund with enough money to pay all existing asbestos claims and all future claims. Therefore, the funds are there to assist victims. However, a victim of asbestos exposure may be uncertain if they should file an asbestos lawsuit or pursue a trust claim.
Consulting an experienced mesothelioma attorney will help determine which claim will have the biggest compensation result. Potential clients always should do proper research when picking an attorney to handle their mesothelioma case. Experience in this specific type of lawsuit can be very beneficial to the overall outcome of the compensation received. Also of great importance is the statute of limitations, which will be different depending on the state you live in. Always speak with an attorney to determine if the amount of time to file your lawsuit has expired and, if so, whether filing an asbestos trust claim may be a better option.
Mesothelioma Trust Claims and Lawsuits
In certain circumstances, victims of toxic asbestos exposure have the option to file both an asbestos lawsuit and an asbestos trust claim. The difference between the options is that trust claims affect the overall compensation result. Each state has different rules and guidelines regarding the trust claim process. You should contact an experienced mesothelioma attorney to help you better understand the process involved and your options. An attorney with mesothelioma case experience will help you understand the eligibility requirements for trust claims and determine if you qualify.
If a person diagnosed with mesothelioma wants to proceed with a mesothelioma lawsuit, then an attorney will file a personal injury claim on their behalf against the manufacturers of the asbestos-containing products that caused the disease. If a mesothelioma victim has not survived, then family members may file a wrongful death claim.
There are options if a mesothelioma victim has been diagnosed with the cancer after being exposed to asbestos by a company that has filed for bankruptcy protection. These negligent companies were mandated to set up asbestos trust funds so that all eligible mesothelioma victims could be rightfully compensated. An experienced mesothelioma attorney can help determine if a trust claim is the right option for your case.
Asbestos Trust Fund Process
Each asbestos bankruptcy trust set up has its own guidelines for paying compensation to injured victims. There is a schedule that assigns a value to the various types of asbestos injuries and, depending on the type of injury, and will determine the payment of compensation. Decisions regarding the asbestos trust fund are made by Trustee Managers and not by the actual companies themselves. Companies do not review any cases nor determine any payout awards. All claims are decided by and processed by Trustee Managers who work on behalf of companies with asbestos liabilities. Claimants must adhere to all rules, guidelines and qualifications.
How Much Compensation Should You Receive?
Asbestos trust funds are purposely managed so that money set aside will allow future victims to be compensated. Most claimants receive a percentage of what they claim. The amount of compensation is restricted to make sure that there is money left in the trust to pay future victims of toxic asbestos exposure.