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How Are Trust Funds Created?
The bankruptcy Trust funds courts forced asbestos companies to declare bankruptcy to establish asbestos trust funds. The purpose of these trusts is to save money for future asbestos claims. These trusts help protect victims of asbestos exposure, including people diagnosed with mesothelioma, who should be compensated by these failed companies.
Asbestos trust funds result from the bankruptcy of Chapter 11, which is a form of bankruptcy of a business that allows businesses to reorganize their finances in order to continue doing business while still paying off their debts.
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Filing begins with determining which companies in the claimant’s (the asbestos exposure victim’s) occupational history are responsible for their disease. During filing, claimants select the method of review as either expedited or individual.
There are two types of reviews for asbestos trust fund claims and then two additional steps to the trust fund process once a review concludes:
Expedited Reviews — These reviews settle claims quickly and the payout is a fixed value. Claimants use this procedure when they know the fixed value and meet a set of criteria established by the trust, providing medical evidence and occupational history. If the evidence is sufficient, the claim is valid and the process proceeds to liquidation. If not, claimants can file an individual review.
Individual Reviews — These reviews are required when claimants do not fall within the typical criteria set up by the trust for an expedited review. Payout values for individual claims might vary compared to the fixed values established for expedited claims. The individual review process and the result is usually based on special circumstances of a case, such as a claimant being diagnosed young, having minor children or losing earnings. In these cases, claims tend to be higher.
Extraordinary claims — These are special cases where the claim meets the criteria of an expedited claim, but liquidation is allowed to be determined like an individual claim. These claims are used in cases where the claimant was a victim of one specific company under certain employment circumstances, such as being an employee who worked for the company for a significant amount of time (30 years, for example).
Liquidation is the assignment of a monetary value to the claim. When filed as expedited and valid, claims already have a monetary value scheduled by the trust. Liquidation for individual claims, on the other hand, is determined by negotiation of the trustee and the claimant’s mesothelioma lawyer.
After an offer is made and accepted, payment is the final step of the procedure.
Payment Percentages — To prevent an asbestos trust fund from running out of funds, trustees established “payment percentages” for claimants. Some trusts are unable to pay claimants 100 percent of their claim amount. Instead, they will pay claimants a specific percentage of their claim.
Payment percentages are different for each trust. Some trusts have a payment percentage of 100 percent, while others have low payment percentages of 1 to 2 percent. If a claim is hypothetically liquidated at $100,000 with a payment percentage of 25 percent, the trust would pay the claimant $25,000.
These payment percentages also fluctuate. If payment percentages increase, many trusts will pay prior claimants to make up the difference. If a percentage decreases, then prior claimants do not have to pay back the difference. Due to this structure, there is no benefit to waiting to file a trust fund claim. Claimants should start the process as soon as possible without worrying about the percentages dropping and them having to return their compensation.
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Asbestos has been used in many industries because it is heat-resistant and inexpensive. However, asbestos has many health risks, which many asbestos manufacturing companies hid from their employees and the general public for years. As mesothelioma incidence increased, the number of legal cases concerning asbestos exposure grew. More people deserved compensation for their mesothelioma.
Asbestos trust fund compensation can be used to cover lost wages, treatment costs, funeral bills and restitution for pain and suffering. If you or a loved one has mesothelioma and knows of asbestos exposure incidents, you can access these trusts. Learn how to begin the asbestos trust fund claims process with free legal support from Mesothelioma Guide’s experts.
National Mesothelioma Claims
If you were diagnosed with mesothelioma cancer, you will need to obtain the best treatment, pay for living expenses while sick, and provide for your family in the future.
The National Mesothelioma Claims Center was created to help victims of Mesothelioma and their families recover asbestos compensation to assist with medical expenses.
The $30 Billion Trust Can Help!
Thirty (30) billion dollars has been set aside by asbestos manufacturers to pay individuals diagnosed with mesothelioma, lung cancer, and other asbestos-related diseases.
The companies that created the asbestos products and profited from them have put up the money to pay people living with cancer who are now sick. This asbestos trust money can be used to cover treatment and help with family expenses, ensuring your family’s future.
How it Works
Filing with the Asbestos Trust Funds is the quickest way to recover compensation. The amount paid is based on the severity of the cancer diagnosis. Asbestos claims are paid in the order they are received; therefore, the sooner you file the faster you will be paid.
Complete the form, and we will send you a FREE Asbestos Trust Fund Packet outlining the best way to proceed. There is no cost or obligation, and the process is easier than you think. If you have any questions, call us at 1-800-875-3000 or fill out the form. Remember time is limited.
Why File Now?
It is important to file as quickly as possible as claims are paid on a first in first out basis. Even if your employer was the government, has filed bankruptcy, or no longer exists you may still be eligible for asbestos trust money.