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Asbestos Bankruptcy Trusts According to a South Carolina Asbestos Lawyer

When filing an asbestos exposure claim, victims are often concerned about whether or not there is money available so that they can be compensated for their injuries. Oftentimes, an asbestos company has filed for bankruptcy, which may seem as though there are no funds available to cover the cost of injuries. However, asbestos bankruptcy trusts have been set up in order to allow asbestos claimants to be awarded compensation from bankrupt companies.

What is an Asbestos Bankruptcy Trust?

Asbestos litigation became prevalent in the 1970s, causing asbestos manufactures to be concerned about their finances.Asbestos bankruptcy trust Plaintiffs, judges and lawmakers also became concerned about there being funds available for the victims of asbestos exposure.

Asbestos companies started filing for bankruptcy and in 1988, the first bankruptcy trust was created. Bankruptcy trusts were put in place to make sure that there is compensation available for current and future asbestos exposure victims. The basis of a bankruptcy trust is a reorganization plan that is approved by the U.S. Bankruptcy Court. This allows the company to still operate while a trust pays the asbestos claims.

Filing an Asbestos Claim and Bankruptcy Trusts

If you are considering filing an asbestos exposure claim, then it is important to seek legal assistance immediately. An experienced mesothelioma and asbestos attorney will be able to determine what companies are responsible for your injuries and whether or not any bankruptcy trusts have been set up on their behalf.

To set up a free consultation with South Carolina mesothelioma attorney Shelly Leeke, call 1-888-690-0211 today. Attorney Leeke will conduct extensive research and work hard in order to get you the compensation that you deserve.

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