Asbestos Trust Fund – What is it, Who Can File a Claim & What About the Payments?
In most situations, a personal injury case typically involves an accident that only occurred once. For instance, if you were injured in an automobile accident or you slipped and fell on an ice-covered sidewalk at the local shopping center. But, when people search the Mesothelioma Cancer Network for information about filing a claim for injuries/damages relating to mesothelioma, it is because their exposure to asbestos generally took place years before they began filing a claim. It’s extremely important to understand that these types of claims require extensive expert proof, both medical and scientific. Many of the places that contained or manufacturers of products that contained asbestos are no longer in operation, which makes filing a claim even more difficult, especially without the assistance of an experienced personal injury attorney.
What is an Asbestos Lawsuit and How You File One?
An asbestos claim means you are filing a legal claim against the entity that is responsible you’re your injuries that were caused by exposure to asbestos. In order to file this type of personal injury claim, you must have an injury that is directly related to the exposure. For instance, common injuries resulting from exposure to asbestos may include mesothelioma, lung cancer, or asbestosis. These are just the most common types of injuries; there are many other diseases that may have also occurred as a result of exposure to asbestos. In most situations, a claim for injuries from asbestos exposure is against a business that is still in operation or that is non-bankrupt. In the situation where the company responsible for asbestos exposure has gone bankrupt, there may be a trust fund to compensate for your injuries.
Asbestos Trust Fund
Trust funds for asbestos exposure were created by asbestos companies that have filed bankruptcy. These trust funds are court-order funds that will be made available to compensate current and/or future victims that were injured as a result of asbestos exposure that is was the result of a company’s negligence. If you are considering pursuing a claim for injuries resulting from asbestos exposure, it’s important that you contact an attorney that is experienced in helping people get compensation for their injuries from an asbestos trust fund.
Filing a Claim with More Than One Trust Fund
A common scenario is that many of the companies that sold asbestos-related products worked with or got products and supplies through other companies or manufacturers, there may be several companies that are responsible for asbestos-related injuries. So, for this reason, you may have the opportunity to file claims with more than one asbestos trust fund. The best way to learn more information about if you have a legitimate claim for asbestos-related injuries, including filing with more than one trust fund is by speaking with your personal injury attorney.
The main reason for asbestos trust funds is providing compensation to the future victims of asbestos exposure-related injuries. To ensure the trust funds continued to be operational for future victims, a payment percentage was created. Payment percentages vary among each trust fund, with the average being between 1 and 100 percent of the full value of the claim and they will fluctuate over time. For example, if the trust fund has a payment percentage of 30 percent, and the claim is liquidated at $100,000, the payout from your trust fund would be $30,000. If the payment percentage increases, additional compensation will be available for those who had previously received a trust fund payment, but if the payment percentage decreases, those who were previously compensated would not be required to pay back any of their compensation.