What Are Mesothelioma Trust Funds?
Mesothelioma trusts, also known as asbestos bankruptcy trusts, are funds created by companies involved in the asbestos industry that have gone bankrupt. These asbestos litigation trusts are established to compensate individuals diagnosed with mesothelioma or other asbestos-related diseases due to company products or workplace exposure.
Numerous companies that once dealt with asbestos have since gone bankrupt, often due to the multiple lawsuits filed against them. Asbestos-related illnesses can take more than 20 years to appear, which means future victims have no source of recovery. During bankruptcy, these companies must now set up trust funds to ensure that current and future asbestos victims receive fair compensation.
Why Were Mesothelioma Trusts Created?
Mesothelioma trusts exist because the companies responsible for asbestos exposure often cannot be held accountable through traditional lawsuits. Asbestos litigation can be a lengthy and complex process, and many companies facing these suits have declared bankruptcy to protect themselves.
In response, Congress mandated that these companies establish and fund trusts to compensate individuals harmed by their asbestos-related negligence. You can find this change in the law in Chapter 11 U.S. Code § 524(g). It ensures that even if the company is no longer in business, future victims still have a chance to receive compensation for their suffering.
How Do Mesothelioma Trusts Work?
Each mesothelioma trust operates under its specific rules and regulations, but they generally follow a similar process. Not every person with mesothelioma will qualify.
Start by determining whether the companies involved are on the mesothelioma trust fund list. It’s common for claimants to file more than one claim because multiple companies are responsible for asbestos exposure. When you hire an asbestos litigation lawyer at Flint Cooper to represent you, we’ll search all the companies to ensure every responsible company is named.
When you file a claim, the trust reviews it against its criteria. Some factors include:
- The type of asbestos-related disease you have
- The severity of your condition
- Your history of exposure to asbestos
- The companies that are responsible for your exposure
At a minimum, you’ll need to provide documentation of your employment history and medical records. Different trusts have their own documentation requirements.
If the trustee determines that you meet the eligibility requirements, you will be offered a settlement amount based on its predetermined compensation schedule. This amount can vary widely depending on the trust and the specifics of your case.
How Can Mesothelioma Trusts Benefit You?
While no amount of money can undo the pain and suffering you’ve experienced now and in the future, compensation for asbestos exposure can help ease the financial burden associated with your diagnosis. You can use the settlement money for the following:
- Medical expenses. Treatment for mesothelioma can be costly, and insurance may not cover all your needs.
- Lost wages. If you can’t work due to your illness, compensation can help replace lost income and help you pay bills and living expenses.
- Pain and suffering. The physical and emotional toll of mesothelioma is significant. Compensation can help provide some relief and a sense of justice for what you’ve endured.
- Funeral expenses. In the unfortunate event of your passing, compensation can help your family cover the costs associated with your funeral and final arrangements.
While the trust fund payment might not cover all your medical expenses and future lost income, it can help with some immediate expenses, especially if you’re pursuing additional legal action.
What Should You Do Next?
If you’ve been diagnosed with mesothelioma or another asbestos-related illness, taking action as soon as possible is crucial. The first step is to consult an experienced asbestos litigation lawyer near you who can guide you through filing a claim with the appropriate mesothelioma trusts. If you suffered asbestos exposure in Kentucky or Illinois, the legal team at Flint Cooper stands ready to help.
When you hire us to represent you, we’ll be there for you every step of the way. Applying for compensation through mesothelioma trust funds is not easy. You need a skilled lawyer who knows the process and can improve your chances of receiving payment. Your lawyer will help you gather the necessary documentation, navigate the complexities of asbestos litigation, and advocate on your behalf to help you fight for the maximum compensation you deserve.
Contact Flint Cooper Today
You’re already facing the life-altering challenges of a mesothelioma diagnosis; you don’t need to endure complex and stressful legal battles too. You deserve the support and compensation available to you through mesothelioma trusts and asbestos litigation. Don’t delay—take action today to protect your rights and secure the financial assistance you need to confront this difficult journey.
Your path to justice and compensation starts with contacting the legal team at Flint Cooper. We have the skills, experience, and resources to help you fight for the maximum compensation. Reach out to an asbestos litigation lawyer at Flint Cooper today to schedule a consultation and learn more about how we can help.
About the author:
Ethan is a founder and managing partner of Flint Cooper, a law firm specializing in complex litigation. Ethan has extensive experience in personal injury cases, representing clients injured by asbestos, defective pharmaceuticals and medical devices, and leads the firm’s government takings practice.