What are mesothelioma bankruptcy trusts?
Mesothelioma is caused by exposure to asbestos. Many people develop mesothelioma due to workplace asbestos exposure that occurred decades ago.
When a person is diagnosed with mesothelioma, the victim and his or her family members may be eligible for significant compensation. Victims can hold negligent companies accountable for the asbestos exposure that caused their disease even if it was decades ago at their place of work.
Many of the companies that produced asbestos products ended up filing bankruptcy decades ago, but that doesn’t mean they are off the hook for the mesothelioma caused by their products.
Depending on the type of bankruptcy filed, many of these companies were required to set up bankruptcy trust funds. This was done to help ensure that those who would be diagnosed with mesothelioma in the future would have options for securing compensation from that company.
Many factors affect how much the victim is eligible to receive, including how much money is in a company’s bankruptcy trust and the criteria for how they disburse funds. These mesothelioma bankruptcy trusts are managed by trustees – not the company that filed bankruptcy.
While commercials sometimes make it seem like a mesothelioma diagnosis guarantees compensation, that is not the case. There are no automatic approvals. Mesothelioma patients need competent asbestos attorneys to prove that the company’s products were the blame for the disease.
Victims of mesothelioma should talk to an attorney to learn what options are available for them. Even if a company no longer, these individuals may still have legal options.
Call Richardson, Patrick, Westbrook & Brickman LLC, today at 866-725-3618 to speak to an asbestos attorney right now.
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