Asbestos Trust Funds
Companies have known about asbestos’ link to cancer since the 1920s. Their continued use of the toxic mineral fiber has negatively impacted millions of Americans over the decades. The U.S. government mandated the formation of asbestos trust funds to ensure that mesothelioma victims and their loved ones receive the compensation they deserve.
Asbestos trust funds can offer big payouts to those who deserve them. These funds can help you pay for medical costs and other bills associated with mesothelioma and other asbestos-related diseases. These payouts are funded by the big corporations who profited from using asbestos in their products for decades after learning of their potential harm.
If you suffer from an asbestos-related illness such as mesothelioma, you may be eligible to file an asbestos trust fund claim to recover awards for your damages. These trusts hold billions of dollars meant to help ease the hardship of those suffering from asbestos-related illnesses and their families. These mesothelioma trust funds are a dependable and risk-free way to access vital funds.
Although filing an asbestos trust fund claim may be easier with a lawyer on your side, the process is different from filing a lawsuit. You won’t face an adversary in court. Additionally, the negligent companies have already deposited the funds into a trust for people harmed by asbestos. Once your lawyer files your claims, the asbestos trust funds will approve or deny your claim.
- What Is an Asbestos Bankruptcy Trust Fund?
- Who Is Eligible to File an Asbestos Trust Fund Claim?
- Compensation From Trust Funds and Affecting Factors
- Filing Limitations
- What Are the Steps to Filing an Asbestos Trust Fund Claim?
- Frequently Asked Questions
- How Our Attorneys Can Help Victims Access Trust Funds
What Is an Asbestos Bankruptcy Trust Fund?
Asbestos bankruptcy trust funds are trusts established to pay personal injury claims related to asbestos exposure. These trust funds aim to compensate people who developed mesothelioma due to asbestos exposure.
There has been a known link between lung cancer and asbestos since the 1920s. Mesothelioma can take up to 50 years to develop, so it is no surprise that it took several decades for individuals exposed to asbestos to develop symptoms. In the 1970s, asbestos lawsuits began to roll in as those exposed to the product began to be diagnosed with mesothelioma. By the 1980s, asbestos companies declared bankruptcy en masse, and the fiber began to fall out of fashion.
By the 1980s, everyone understood that asbestos exposure was the primary cause of mesothelioma. Before these asbestos companies were allowed to declare bankruptcy, the government made them contribute to trust funds that would pay for victims’ damages in the future.
There is an estimated $30 billion in 60 asbestos trust funds. This money is earmarked for victims of asbestos exposure and mesothelioma.
Who Is Eligible to File an Asbestos Trust Fund Claim?
You may be eligible to file a trust fund claim based on your asbestos exposure if you meet the trust fund requirements. There are many asbestos trust funds, and you may only qualify to file a claim with one. The fund that you apply to must be associated with the company that manufactured the product that caused your asbestos exposure.
Once you have identified the correct trust fund for your potential claim, it is important to investigate its rules of eligibility. You cannot file a claim if you do not meet the minimum requirements. However, if you meet the requirements laid out by the asbestos trust fund, you may file your claim.
Compensation From Trust Funds and Affecting Factors
The amount of your mesothelioma compensation you will receive varies from party to party. The amount of compensation you qualify for may depend on various factors. These factors may include the following:
- The type of trust fund
- The fund’s current payout percentage
- How many claims have been received
- How much you are entitled to, based on medical bills and lost wages
There are plenty of factors that can affect your final compensation amount. For the most accurate information, speak with our experienced mesothelioma attorneys.
Different states have different statutes of limitations. For example, New York allows you three years to file, starting from the date of your diagnosis. If you are filing for a loved one who passed away from mesothelioma, New York provides two years from the date of death to file your wrongful death claim.
In some cases, the courts may make an exception to the statute of limitations; however, it is best to act quickly to avoid potential issues with filing limitations.
What Are the Steps to Filing an Asbestos Trust Fund Claim?
Filing an asbestos trust fund claim doesn’t need to be difficult. A knowledgeable asbestos trust fund lawyer can help you with the process. There are four steps to filing an asbestos trust fund claim:
Frequently Asked Questions
The following are questions people frequently ask about asbestos trust funds. For answers to questions about your specific situation, it is best to speak with a mesothelioma lawyer in your area.
How much money is left in asbestos trust funds?
There is more than $30 billion in various asbestos trust funds. This money is waiting for victims of mesothelioma and asbestos-related diseases to come forward and claim their share. If you or a loved one suffer from an asbestos-related disease, speak with a skilled mesothelioma lawyer about your claim today.
How do trust fund payment percentages work?
Trust fund percentages determine how much the trust fund distributes to you. The asbestos trust fund generally does not pay 100 percent of the compensation it owes you. Rather, it pays a percentage of that amount. Different trusts can have different payout percentages. If your trust has a payout percentage of 60 percent and determines you deserve $1 million in compensation, you will not receive $1 million. Instead, the trust will pay you $600,000, which is 60 percent of the amount awarded.
In many cases, the claimant will not receive 100 percent of the damages awarded. To determine your trust fund payment percentage, you must first identify the asbestos product you were exposed to and the company that manufactured it. Then, you can trace the company to its asbestos trust fund. Once you have identified the trust fund, your lawyer can help you determine the payment percentage for your claim.
What is the FACT Act and Asbestos Tort Reform?
The Furthering Asbestos Claim Transparency (FACT) Act of 2017 was put forward to provide stricter monitoring of asbestos and mesothelioma trust fund claims and their payouts. Supporters of the act claim that it would prevent claimants from receiving payouts from multiple trust funds.
How Our Attorneys Can Help Victims Access Trust Funds
The asbestos trust fund lawyers at Meirowitz & Wasserberg, LLP, are ready to help you get the funds you deserve. We have recovered millions of dollars in compensation for injured clients suffering from mesothelioma and asbestos exposure. Our case results speak for themselves, including:
- $32 million asbestos exposure verdict
- $5.1 million mesothelioma settlement
- $4 million mesothelioma settlement
We are ready to help you access each trust fund you qualify for, so you can access the funds you deserve.
We work with people across the United States who are suffering from mesothelioma and other asbestos-related diseases to ensure your rights are protected and that you get the compensation you need to access the medical care you need.
We have attorneys that can help with your asbestos trust fund claim in offices around the United States:
- Florida mesothelioma lawyers
- New York mesothelioma lawyers
- New Jersey mesothelioma lawyers
- Pennsylvania mesothelioma lawyers
Regardless of where you are located, our attorneys have experience handling these types of claims nationwide.
Contact us today to discuss your asbestos trust fund claim.
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