The potential awards or settlements in asbestos-related injury claims can be substantial. But what happens if the defendant has filed for bankruptcy? Does that mean recovery is impossible? Fortunately, the answer is no, there is still a way for people hurt by exposure to asbestos to receive compensation from liable companies that have since gone into bankruptcy.
Meosthelioma Compensation – Bankruptcy Trust Funds
Many victims of mesothelioma developed the disease as a result of exposure to asbestos, often in relation to employment. Companies that used asbestos can be held liable through lawsuits. However, it is possible that these companies filed for bankruptcy, which provides them protection from being sued. But, in exchange for this protection, companies entering bankruptcy are required to set up trust funds that compensate victims who make successful claims.
There are many factors that contribute to how much compensation a victim will receive from a trust fund, such as the severity of the condition and the age of the victim. Approved claims are liquidated, which means they are assigned a monetary amount. The actual compensation received is usually a percentage of the liquidated amount. This is to help ensure that there will be enough funds in the trust to make all payments to future claimants.
Mesothelioma Compensation – Settlements
After a defendant is notified of impending legal action, it is possible for a settlement to occur at any time going forward. For both sides, settlement avoids the potential of losing at trial. A victim of mesothelioma may be in need of compensation, making settlement an attractive option.
A settlement is a negotiation between the two parties, meaning the amount of money received could be anything. Under bankruptcy trust funds and trial verdicts, the amount of compensation is usually regulated or capped. It is important to realize that, as part of the settlement, the person will have to agree to relinquish any right to sue the defendant in the future.
Mesothelioma Compensation – Trial Verdict
If a settlement cannot be negotiated, the case will go to trial. If the defendant is found to be at fault, the jury will make a determination as to the amount of damages the plaintiff should be awarded. This amount must be approved by the judge. As with determining trust fund compensation, the amount awarded at trial is affected by many factors. If the jury finds the victim’s situation particularly moving, the amount awarded may be significant.
Mesothelioma Compensation – Social Security Disability
The Social Security Administration (SSA) considers mesothelioma a disabling condition. As a result, individuals diagnosed with the disease can apply for Social Security disability benefits. A person may apply online, by phone, or by visiting a local Social Security office. The process usually takes between three and five months. A good deal of information must be provided regarding the person’s work and medical history.
Helping You Get the Mesothelioma Compensation You Deserve
At the Throneberry Law Firm, we can help you obtain this critical compensation. We understand how important it is for you and your family to have financial security as you face this terrible disease.
For a no-cost case evaluation, please call us at 888-506-1131 or contact us online.