Bankruptcy Trust Funds

Bankruptcy Trust Funds

A number of companies that mined asbestos or manufactured products containing asbestos no longer exist. Some were bought by other companies, while others went out of business. Some declared bankruptcy because of the large number of asbestos lawsuits filed against them.

This does not mean these companies don't have money. In bankruptcy protection, many companies were ordered to set up funds specifically to compensate asbestos victims. These funds are known as mesothelioma compensation funds or trust funds. They can play a key role in the settlement process because the funds can quickly dispatch a case.

Settlement

Some defendants in asbestos-related lawsuits decide that settling a claim is cheaper than racking up more legal fees and risking a loss at trial. Most mesothelioma attorneys are paid only if their clients' claims are successful. Defendants' attorneys, on the other hand, are usually paid monthly throughout the lawsuit, and that cost is not tied to the case outcome.

Other defendants are willing to risk a trial. Even if a case goes to trial, a defendant can opt to negotiate a settlement, particularly if the case seems to be favoring you.

Trial Verdicts

If your case goes to trial and the defendant does not settle, there are two likely outcomes: Liable or not liable. If the defendant is found liable, money is usually awarded to you. Each mesothelioma case is unique, and there are no set guidelines for claim compensation from asbestos exposure.

If you win, the amount owed to you depends on the facts of your case and other factors, such as medical costs and lost income.

VA Claims

Many people who served in a branch of the U.S. Armed Forces were exposed to asbestos — especially those who worked in shipbuilding during World War II. Veterans have a right to file a claim with the VA seeking compensation for any injuries or illnesses developed while serving their country.

Paperwork can be confusing and complicated, but you can reach the Veterans Department at The Mesothelioma Center for assistance filing your claims.