When asbestos manufacturers, suppliers or work sites file for Chapter 11 bankruptcy protection, they create asbestos trust funds. These are sometimes referred to as “bankruptcy trusts,” and they provide future compensation for mesothelioma victims and others injured by exposure to asbestos, such as individuals with lung cancer, colon cancer and asbestosis.
Key Facts About Asbestos Bankruptcy Trusts:
- Money to compensate future claims is set aside in these trust funds created in bankruptcy court.
- Mesothelioma patients may be able to file claims with more than one trust fund.
- Lung Cancer patients paid even if they smoked.
- In addition to mesothelioma, trust funds may be available to help people with a variety of other asbestos-related diseases, including lung cancer, colon cancer and asbestosis.
It's important to find an experienced asbestos lawyer who is well versed in the asbestos trust fund claims process. A mesothelioma lawyer can help you gather evidence to prove that exposure from asbestos products was responsible for your cancer to help you document your eligibility to file a successful trust fund claim.
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Average Asbestos Trust Fund Payout
Asbestos trust fund payouts are entirely dependent on a person's diagnosis and individual exposure history, as well as how many different companies were responsible for their asbestos exposure. Trusts award different amounts of compensation depending on the type and severity of the asbestos-related disease or cancer.
Mesothelioma victims usually are awarded the most amount of money from asbestos trusts, as the only known cause of mesothelioma is exposure to asbestos. However, lung caner, asbestosis and colon cancer may receive awards well over $100,000.
Similarly, you will only qualify for asbestos trust fund compensation from companies that manufactured products your legal team can prove you were exposed to. For these reasons, there is no clear-cut way to determine exactly how much anyone can expect to receive from asbestos trust funds.
That being said, the median asbestos payout from bankruptcy trust funds is around $300,000 to $400,000 for individuals with mesothelioma, though that amount will vary greatly depending on the unique details of each claim. In some cases, asbestos claims can pay out as much as $750,000 or more.
Working with an experienced mesothelioma lawyer is the best way to maximize your potential compensation. The asbestos attorneys with Boling Law Firm have a vast database of information and resources to determine which manufacturers are at fault for your illness — and, in turn, to pursue compensation from every possible avenue.
Fill out our contact form today or call 1-800-799-7914 today to learn more about your legal options.
Louisiana Bankrupt Work Sites are Included for Compensation
On the westbank of New Orleans, Louisiana, a number of the work sites filed for bankruptcy protection and created asbestos trusts with BILLIONS of dollars available for victims with mesothelioma, lung cancer, colon cancer and asbestosis.
Some of these work sites are:
- Johns Manville in Marrero, Louisiana
- Celotex in Marrero, Louisiana
- National Gypsum in New Orleans, Louisiana and Westwego, Louisiana
- WR Grace facilities across Louisiana.
- Kaiser Aluminum in Chalmette, Louisiana and Gramercy, Louisiana
If you or a loved one worked at any of these facilities and developed mesothelioma, lung cancer, colon cancer or asbestosis please contact us today