Asbestos Bankruptcy Trusts: Compensation Options for Mesothelioma Victims and Their Families
Asbestos exposure is a serious issue that has led to a large number of mesothelioma cases in the United States. Many companies that use asbestos in their products have faced lawsuits and bankruptcies due to their negligence. As a result, asbestos bankruptcy trusts were created to compensate mesothelioma victims and their families.What Is an Asbestos Bankruptcy Trust?
An asbestos bankruptcy trust is a fund set up by a company that has filed for bankruptcy due to asbestos-related claims. The purpose of the fund is to compensate victims of asbestos exposure, including those who have been diagnosed with mesothelioma. The trust is funded by the company's assets, which are usually sold off during bankruptcy proceedings.
Some of the companies that have established asbestos bankruptcy trusts include Owens Corning, W.R. Grace & Co., and Johns Manville. These companies have faced thousands of lawsuits from mesothelioma victims and their families and have paid billions of dollars in compensation.Compensation From Asbestos Bankruptcy Trusts
To receive compensation from an asbestos bankruptcy trust, a victim or their family member must file a claim with the trust. The claim must provide evidence of the victim's exposure to asbestos and their subsequent diagnosis of mesothelioma. The evidence required may vary depending on the trust but typically includes medical records, employment records, and other documentation that shows the victim was exposed to asbestos.
The amount of compensation a victim can receive from an asbestos bankruptcy trust varies depending on the severity of their illness and the amount of money available in the trust. Some trusts have a predetermined payout schedule, while others evaluate each claim on a case-by-case basis. The compensation may cover medical expenses, lost wages, and other expenses related to the victim's illness.Asbestos Bankruptcy Trust Payouts
One of the largest asbestos bankruptcy trusts is the Johns Manville trust, which has paid out over $4 billion in compensation to victims of mesothelioma and other asbestos-related diseases. In 2020, the Owens Corning trust paid out $37 million in compensation to mesothelioma victims. These payouts show the significant impact that asbestos exposure has had on workers and their families.Why Seek Help From an Asbestos / Mesothelioma Attorney?
Filing a claim with an asbestos bankruptcy trust can be a complex and time-consuming process. It requires gathering extensive documentation and providing evidence of exposure to asbestos. Additionally, the compensation available from the trust may not cover all of the victim's expenses, making it necessary to pursue other legal options.
An asbestos/mesothelioma attorney can provide valuable assistance to victims and their families. We can help gather the necessary documentation, file the claim with the trust, and pursue other legal options if necessary. We also advise our clients on their legal rights and help them understand the compensation available to them.
The Throneberry Law Group is a nationwide mesothelioma law group that has extensive experience representing victims of asbestos exposure. The firm is dedicated to helping victims and their families get the compensation they deserve. We offer a free consultation to victims and their families to help them understand their legal rights and options. Contact us now. Time may be running out, and we want to help.