What Is An Asbestos Trust Fund?
What Is An Asbestos Trust Fund?
So the big question, what is an asbestos trust fund? In a nervous effort to escape massive legal consequences, many large corporations that manufactured asbestos related products have filed for Chapter 11 bankruptcy protection. In an effort to ensure that victims of asbestos-related diseases such as mesothelioma receive some compensation, the United States Congress has determined that these corporations must establish an asbestos trust fund if they would like to file for bankruptcy in order to protect their assets. These trust funds ensure that future victims will be able to get some financial compensation for their pain and suffering. What is an asbestos trust fund and how to file a mesothelioma claim can be complex, we can help.
The History of Asbestos as a Building Material
In the early 1800s, asbestos began to be widely used by manufacturers because it was a cheap, flexible, and durable alternative to the products that were available on the market. Asbestos provided solid structural insulation and was nearly fireproof. Shipbuilding, construction and manufacturing companies in particular began using asbestos in large quantities when these benefits become known.
At the height of the market, the industry leaders knew asbestos was slowly killing people. By 1940, they had seen signs that it caused lung diseases, and by 1960, asbestos companies were had clear evidence and were well aware of the strong link between asbestos and mesothelioma in the lungs. This affected a variety of organizations, including those that manufactured products containing asbestos, or those who used asbestos in their construction operations. Once the connection between mesothelioma and asbestos was became known to the public, these corporations became subject to lawsuits from the workers they had knowingly exposed to asbestos. As a result of these lawsuits, many of these companies made the choice to file for bankruptcy to protect their assets. A cancer lawyer should be a trusted source for information on this.
Establishment of Trust Funds
Many of the corporations filing for bankruptcy hoped that they could limit their asbestos related liability and walk away from the damages they had caused, yet due to section 524(g) of the bankruptcy code under Chapter 11, the legal system did not allow them to entirely escape the consequences. Corporations were ordered under the law to establish “asbestos trust funds”, that were to be run as distinct organizations requiring new trustees, separate from those of the original corporation.
Determining Claim Eligibility
The most critical requirement in order to file a claim against a trust fund is the ability to prove that the victim was exposed to asbestos and was diagnosed with an asbestos related disease as a result of the actions of a corporate entity. Trust funds have the ability to set their own eligibility criteria, and the best way to determine if you are eligible is to contact an experienced asbestos attorney who specializes in trust fund related legal claims. How to file a mesothelioma claim may seem complicated, but the mesothelioma lawyers at GPW Law can make this process much easier.
Then, if your compensation claim is approved, the trust fund will make a financial offer to you and your asbestos attorney. This offer is often a percentage of the full value that has been allotted to the specific illness you have been diagnosed with. For example, when a trust fund was originally established, schedules were created for claims with mesothelioma. Different amounts were established for those with asbestos lung cancer and those with mesothelioma and other asbestos related diseases.What is an asbestos trust fund and how to file a mesothelioma claim can be complex, we can help.
If either you or your loved one has been diagnosed with a lung disease due to asbestos exposure, it’s important to seek help from a trusted and experienced legal professional who has experience in the field. In your journey to financial compensation, you will most likely be dealing with organizations who have made it their mission to pay as little as possible to asbestos victims. While the establishment of the asbestos trust funds does offer you more protection, having a skilled asbestos attorney on your side will dramatically increase your chances of receiving a compensation you are happy with. A Maryland mesothelioma lawyer or a Florida mesothelioma lawyer can be very valuable.