Asbestos exposure has been linked to severe health conditions such as mesothelioma, lung cancer, and asbestosisor asbestos trust funds . For decades, asbestos was widely used in construction and manufacturing industries before its dangers became widely known.
Many companies responsible for exposing workers to asbestos have since filed for bankruptcy, but the victims still needed financial relief. For this reason, trust funds were created.
But how exactly do these funds work, and what should victims and families know about them?
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What Are Asbestos Trust Funds?
Victims who have been exposed to asbestos and its risk deserve compensation, especially if they’ve been formally diagnosed, but the responsible companies can no longer be sued directly.
Since these companies filed for bankruptcy, they each had to leave behind an asbestos trust fund for potential victims. The funds were set aside as a result of the requirement of established trust funds under US bankruptcy laws.
The goal of these funds is simple: to make sure victims are not left without compensation just because a company decided to go out of business.
Why Were They Created?
With the increasing exposure of asbestos in the 20th century, more and more victims started filing asbestos claims against companies like Johns-Manville and Owens Corning. Unable to keep up with billions in potential claims, these corporations filed for bankruptcy.
Bankruptcy courts noticed this and, instead of letting victims go without compensation, required those companies to set up trust funds.
Today, there are multiple asbestos trust funds across the US for victims with asbestos exposure.
How Do They Work?
Understanding the process is important for anyone considering a claim.
The first step to obtaining compensation through asbestos trust funds is reviewing eligibility. You need medical documentation proving an asbestosis-related illness, such as mesothelioma, and evidence of exposure to a specific company’s asbestos products.
Victims or their families can then file claims with the appropriate trust funds. Many people qualify for multiple funds if they were exposed through different companies. And if approved, the claimant receives payment.
The amount depends on the severity of the disease, the trust’s payment percentage, and other related factors.
Who Can File a Claim?
For the obvious part, it’s already understood that victims of asbestos exposure or, in case of severe disability or death, their families are the ones who can file claims. But not all claims are valid.
Some cases of invalid claims include when the victim is unable to provide sufficient evidence or lacks a formal or professional diagnosis. So, understanding precisely who may qualify for compensation is still important.
You may be qualified if you’re a worker diagnosed with mesothelioma, lung cancer, or another asbestos-related disease; a family member exposed through secondhand asbestos, such as while washing work clothes; or a surviving family member of someone who passed away due to asbestos exposure.
Do You Need a Lawyer?
As is the case with almost all kinds of legal claims, hiring a lawyer or legal expert to help you through the process is crucial – even if filing claims directly is possible.
A lawyer can help you identify all the trust funds you may be eligible for, gather required documentation, and maximize your compensation.
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