Bankrupt Asbestos Companies Does Not Mean Broke

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There is a common misconception that if an asbestos company has filed for bankruptcy, they do not have money to pay to those who have been injured by the asbestos containing products that the bankrupt company manufactured, produced or distributed. In fact, billions of dollars have been paid in settlements to asbestos victims. The mesothelioma attorneys at Clapper, Patti, Schweizer & Mason have a new section on their website that contains all the information anyone suffering with mesothelioma, asbestosis or asbestos related cancer would need to know about filing an asbestos bankruptcy trust claim.

Bankrupt Asbestos Companies Still Pay $$$ Claims

Trusts compensation payments have been considerable...and the assets under trust controls indicate that significant payments will continue. - Rand Report, 2010

The mesothelioma law firm of Clapper Patti Schweizer & Mason wants to make sure that those who have been injured from asbestos are aware of the fact that just because a major manufacturer or producer of asbestos containing products files for bankruptcy does not mean that they do not have money to pay for claims brought against them.

There is often the misconception that bankrupt means broke, but in the case of asbestos companies, this is simply not true. Clapper Patti Schweizer & Mason spell out the ABC’s of Asbestos Bankruptcy Trusts on a new section on their website that makes it easy for anyone who is suffering from an asbestos related disease to understand exactly what the process is for filing a claim.

The procedures and requirements for filing an asbestos bankruptcy claim can be quite complicated for anyone who is not familiar with the process, yet when represented by an attorney who is an expert in the field of bankruptcy law, can yield hundreds of thousands if not millions of dollars for those who have been exposed to and injured by asbestos. The new section on the Clapper Patti Schweizer & Mason website explains in easy- to-understand terms the following regarding asbestos bankruptcy:

  •     What is An Asbestos Bankruptcy Claim
  •     How Making a Bankruptcy Claim is Different than Prosecuting a Mesothelioma Lawsuit
  •     Qualifications for Filing a Bankruptcy Claim
  •     Which Asbestos Companies Have Established or Proposed Bankruptcy Trusts
  •     How it Helps to Have An Experienced Mesothelioma Attorney Represent You

More than 50 asbestos companies have established asbestos bankruptcy trusts.    A report by the RAND Corporation showed that by June of 2010, these trusts already had paid billions of dollars to those injured by exposure to asbestos. The trusts have set aside significant funds to compensate future valid claims.

The recovery amounts depend upon developing the facts in a case, which sites and products were responsible for the exposure, and the degree of illness determined by a doctor’s diagnosis. Sometimes it’s as simple as establishing that you worked at a site that was known to have asbestos containing products by the bankrupt asbestos company during your time of employment – but it takes someone who knows these sites, the products, and the companies inside and out – to meet the level of evidence required by bankruptcy trusts.

If you have been diagnosed with mesothelioma or asbestosis and are still unclear about what your rights are or what it means to file a claim against an asbestos company that has filed bankruptcy, contact our office to speak to one of our attorneys who specialize in handling these types of cases.    To read more, check out the new section on bankruptcy on our website.

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Sally Clapper