Asbestos trust funds

Nearly one hundred other companies sought bankruptcy reorganization under section 524(g) of the U.S. Bankruptcy Code afterward. Nevertheless, while some of them were not approved for bankruptcy reorganization at all, others had to file for Chapter 7 instead, which entailed the liquidation of their assets to pay debtors. There are currently 60 active asbestos trust funds in the U.S. and more than $18 billion has been paid to asbestos victims since the 1980s.

Who can recover compensation from asbestos trust funds?

Asbestos trust funds provide financial compensation to individuals who developed a disease following on-the-job asbestos exposure. Former employees whose health was severely affected by occupational exposure are eligible for filing a claim with one or multiple asbestos trust funds, depending on the number of companies at fault. While each asbestos trust fund makes use of a different series of requirements people who intend to seek compensation have to meet, the majority of them operate on the following eligibility criteria:

• the claimant must have been exposed to raw asbestos or asbestos-containing products while working for the company behind the asbestos trust fund in question (the required duration of exposure varies from trust fund to trust fund, the average being 5 years)
• the claimant must be diagnosed with asbestos-related cancer and their illness must have occurred at least 10 years after the first asbestos exposure

How do asbestos trust funds work?

Asbestos trust funds operate on behalf of liable companies. Each of them is managed by a board of trustees who do not have any relation to company executives, employees, or staff. Trustees are in charge of processing the claims submitted by asbestos victims, calculating the amount of money each individual qualifies for, making monthly payments to those whose claim was approved, as well as ensuring the trust has sufficient funds to compensate future claimants. It is worthy of note that asbestos trust funds pay out only a certain percentage of the entire sum of money a claimant is eligible for, depending on their financial resources. The percentage may change over time due to various factors.

In general, mesothelioma claims will result in substantial compensation, as this is the most severe disease asbestos exposure can cause, whereas people who suffer from other types of cancer will receive slightly less. Although non-malignant conditions like asbestosis are worth a relatively small amount of money, a lawyer specialized in asbestos litigation can negotiate with trustees for a more satisfying outcome.

Regardless of the asbestos trust fund you file with, the claim must be accompanied by the following:

• evidence of employment, such as records or invoices, which are necessary to support your workplace asbestos exposure
• medical documentation clearly stating your diagnosis and how it relates to occupational exposure, as well as concrete proof of your illness, such as pathology reports or radiographs

The evidence you will need to submit along with your claim depends on the asbestos trust fund you seek compensation from, but also on your illness, as the requirements are different for each qualifying disease. It is important to know that there are three ways of submitting a claim:

• expedited review, for individuals who meet all the eligibility criteria, which results in a preset amount of money
• individual review, for claimants who meet the trust’s requirements only partially, which might provide you with a larger sum of money (however, you will have to wait longer for your claim to be reviewed)
• extraordinary review, which is suitable for special circumstances, such as when a person has been exposed to asbestos by a single company for several decades

Deciding which one is appropriate for your particular case might be challenging. For this reason, it is highly recommended to navigate the entire legal process with the aid of an experienced attorney whose primary area of practice is asbestos litigation. After submission, your claim will be reviewed accordingly. The claims which entail the shortest waiting time are those filed for mesothelioma, which are usually liquidated within 1 to 2 years. If your request for compensation is approved, you will receive the sum of money assigned to your claim in monthly payments. Other factors that might influence how fast your claim will be processed include:

• the size of the asbestos trust fund
• the number of claims trustees have to review
• the type of review via which your claim was submitted
• the complexity of your case

Another advantage of working with a lawyer is that they can negotiate the amount liquidated with the trust if your claim was submitted via individual review. This way, you are very likely to recover considerably more money than what you were initially scheduled to receive.

If the hazardous products you handled or were exposed to on the job were manufactured by more than one company, you can file with multiple asbestos trust funds. Provided you meet the eligibility criteria, you have the legal right to seek compensation from the asbestos trust fund of each company responsible for your injury.

The benefits of having a lawyer prepare your asbestos claim for submission

As you may have also concluded by now, navigating the process of seeking financial compensation from asbestos trust funds is not a simple task. From gathering enough evidence to support the connection between your disease and asbestos exposure to deciding how to submit your claim, there are many aspects that need to be assessed before filing a claim for compensation.

While you can choose to file a claim on your own, it is not the wisest idea. In addition to being a very exhausting and time-consuming endeavor, it entails a high risk of failing to recover compensation.

Plenty of important details can easily be overlooked during claim preparation, which may result in the asbestos trust fund denying you compensation. A lawyer who specializes in asbestos cases can be of invaluable help from numerous points of view.

Here are five benefits of having a well-versed asbestos attorney submit your claim. Nevertheless, there are many others, which you will certainly discover during the process if you decide to work with a lawyer.

• You are bound to receive proper financial compensation. The specialized knowledge and experience of a lawyer who regularly handles asbestos cases will ensure that your claim is filed appropriately, as well as that the evidence accompanying it is reliable and sufficient. The risk of your claim being rejected is virtually non-existent.
• You will be able to recover more money. As previously discussed, a lawyer has the skills necessary to negotiate the compensation your claim is initially assigned in the case of individual reviews. There is a high chance you will eventually receive a larger amount of money than you were first scheduled.
• Your asbestos claim will be ready for submission faster. Preparing claims for submission is a process asbestos attorneys are well-acquainted with, as most of them have been assisting victims of exposure for years. Your lawyer will efficiently take care of all the necessary paperwork and will carefully consider every technical aspect which goes into preparing a claim.
• Their legal team will do research and gather solid evidence for you. If you are struggling with a disease, chances are you do not feel up to spending countless hours trying to find enough evidence to support your claim. Asbestos attorneys have a professional team of legal experts who will make sure your claim is submitted along with relevant proof of exposure. They will also research your case thoroughly to discover other details that might prompt trustees to process your claim more rapidly.
• You will be able to focus primarily on your health and treatment. Because your attorney and their legal team will attend to the vast majority of aspects involved in claim preparation, you will not have to dedicate a lot of your time to pursuing compensation. In fact, all you have to do if you decide to file a claim is contact a lawyer, explain your situation, attend several consultations, and provide the legal team with your work and medical records.

Asbestos law firms generally work on a contingency fee, so paying your attorney should be your least concern. Unless they successfully recover compensation on your behalf, you do not have to pay your attorney anything. After claim liquidation, attorney fees will be deducted from the amount of money you receive from the trust fund.