Asbestos Bankruptcy Funds & Trusts
Mesothelioma and Bankruptcy
For almost one hundred years asbestos was one of the most popular materials used for the manufacture of insulation and hundreds of industrial and construction products that needed to be flexible, fire resistant and tough. By the 1970s however the asbestos companies finally acknowledged the obvious: asbestos fibers can be extremely toxic when inhaled or ingested. Hundreds of thousands of people from across the globe had been impacted by asbestos related diseases, the worst of which is mesothelioma cancer.
Since the courts have held asbestos companies liable for health damages caused by their products an enormous number of claims have been filed against them for damages. Tens of thousands of Americans from asbestos miners to textile plant workers to Navy veterans who served aboard ship to auto brake shop employees, along with employees from many other industries developed asbestosis or mesothelioma cancer due to asbestos exposure.
Because asbestos use was so widespread and has ruined the health for so many people over 70 companies that were producers of asbestos or asbestos products filed for Chapter 11 bankruptcy. They are listed below for your reference, although in many cases the liability stems from a subsidiary not named in the list. The bankruptcy was not to liquidate the corporation, but rather for the purpose of protecting the company from asbestos liability claims, and to buy time to reorganize the business. Among the results of these bankruptcy filings are the mesothelioma bankruptcy trusts.
Mesothelioma Bankruptcy Trusts
The companies in asbestos bankruptcy sought a method of protecting themselves from unlimited liability in order to emerge from bankruptcy and return to normal corporate status. The solution for many of them has been to establish accounts held in escrow that pay off legitimate damage claims against the company through an administrative process. Once the fund is in place the court holds that the company is free from any further asbestos liability, paving the way for closure on the bankruptcy status. These are the mesothelioma bankruptcy trusts; in several cases they hold a billion dollars or more.
People who have developed an asbestos related disease no longer need to sue one or more of the asbestos companies; they can file a claim with the appropriate mesothelioma bankruptcy trust. The rules for filing a claim differ with every trust; while a lawsuit is no longer necessary for mesothelioma compensation it is still prudent to have an experienced attorney handle mesothelioma bankruptcy claims. It is up to the claimant to provide all of the medical evidence and employment records. Many mesothelioma bankruptcy claims are filed with more than one asbestos bankruptcy fund if an experienced attorney is involved.
Experienced, Fast Legal Help
If you have an asbestos related health problem and want experienced legal assistance filing asbestos bankruptcy trust claims give us a call at 1-800-490-6014 or fill out the brief form. People with any sort of asbestos related disease can file a claim with the mesothelioma bankruptcy trusts. Tell us about your experiences with asbestos exposure and we'll take it from there.
Company Year of Bankruptcy Filing
ABB Lummus Global 2006
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