Some of these asbestos manufacturers are no longer in business but have bankruptcy trust funds set up to pay off asbestos-related claims. In part, that is why people who sue reach a financial settlement before their case goes to trial.
Bankruptcy Trust Funds
A number of companies who mined asbestos or manufactured asbestos-included products no longer exist. Some were bought by other companies, while others went out of business. Some declared bankruptcy because of the large number of asbestos lawsuits filed against them. This does not mean these companies have no money. In bankruptcy protection, many companies were ordered to set up funds specifically to compensate asbestos victims. These funds are known as mesothelioma compensation funds or trust funds. They can play a key role in the settlement process because the funds can quickly dispatch a case.
Settlement
Some defendants in asbestos-related lawsuits decide that settling a claim is cheaper than racking up more legal fees and risking a loss at trial. Most mesothelioma attorneys are paid only if their clients' claims are successful. Defendants' attorneys, on the other hand, are usually paid monthly throughout the lawsuit, and that cost is not tied to the case outcome.
Other defendants are willing to risk a trial. Even if a case goes to trial, a defendant can opt to negotiate a settlement, particularly if the case seems to be favoring you.
Trial Verdicts
If your case goes to trial and does not settle, there are two likely outcomes: guilty or not guilty. If the defendant is found guilty, money is usually awarded to you. Each mesothelioma case is unique, and there are no set guidelines for claim compensation from asbestos exposure If you win, the amount owed to you depends on the facts of your case and also such things as medical costs and lost income.
If you win, the defendant has the right to appeal any award. If the appeal is successful, the defendant could owe you a lesser amount or nothing at all. Although the appeals process will stall receipt of any money, the defendant will need to post a bond during the appeal for the amount awarded.
VA Claims
Many people who served in a branch of the U.S. Armed Forces were exposed to asbestos - especially those who worked in shipbuilding during World War II. Veterans have a right to file a claim with the VA seeking compensation for any injuries or illnesses developed while serving their country. Paperwork can be confusing and complicated, but The Mesothelioma Center's Veterans Assistance Department offers free assistance with filing claims. For more information, contact our Veterans Assistance Department.
Author: Tim Povtak
Bankruptcy Trust Funds
A number of companies who mined asbestos or manufactured asbestos-included products no longer exist. Some were bought by other companies, while others went out of business. Some declared bankruptcy because of the large number of asbestos lawsuits filed against them. This does not mean these companies have no money. In bankruptcy protection, many companies were ordered to set up funds specifically to compensate asbestos victims. These funds are known as mesothelioma compensation funds or trust funds. They can play a key role in the settlement process because the funds can quickly dispatch a case.
Settlement
Some defendants in asbestos-related lawsuits decide that settling a claim is cheaper than racking up more legal fees and risking a loss at trial. Most mesothelioma attorneys are paid only if their clients' claims are successful. Defendants' attorneys, on the other hand, are usually paid monthly throughout the lawsuit, and that cost is not tied to the case outcome.
Other defendants are willing to risk a trial. Even if a case goes to trial, a defendant can opt to negotiate a settlement, particularly if the case seems to be favoring you.
Trial Verdicts
If your case goes to trial and does not settle, there are two likely outcomes: guilty or not guilty. If the defendant is found guilty, money is usually awarded to you. Each mesothelioma case is unique, and there are no set guidelines for claim compensation from asbestos exposure If you win, the amount owed to you depends on the facts of your case and also such things as medical costs and lost income.
If you win, the defendant has the right to appeal any award. If the appeal is successful, the defendant could owe you a lesser amount or nothing at all. Although the appeals process will stall receipt of any money, the defendant will need to post a bond during the appeal for the amount awarded.
VA Claims
Many people who served in a branch of the U.S. Armed Forces were exposed to asbestos - especially those who worked in shipbuilding during World War II. Veterans have a right to file a claim with the VA seeking compensation for any injuries or illnesses developed while serving their country. Paperwork can be confusing and complicated, but The Mesothelioma Center's Veterans Assistance Department offers free assistance with filing claims. For more information, contact our Veterans Assistance Department.
Author: Tim Povtak
Tim Povtak is an award-winning writer with more than 30 years of reporting national and international news. His most recent experience is in researching and writing about asbestos litigation issues and asbestos-related conditions like mesothelioma.
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