Strong Justice For Serious Disease

How do you claim for asbestos illness if a company shuts down?

On Behalf of | Jun 16, 2023 | Asbestos

If you are suffering from the effects of asbestos exposure, you will understand that any medical options you have are expensive. While doctors can’t cure you of asbestos-related cancers such as mesothelioma, they can perhaps do things to ease the pain.

If you picked up an asbestos illness due to your work, it’s likely that many of your colleagues also did. As you can imagine, if everyone claimed compensation, the company would soon go out of business. So how can you claim if your company did indeed shut down, whether due to lawsuits or other issues?

You may be able to claim money from a trust fund

The government realized that most companies would not be able to continue if they needed to pay out a lot of asbestos claims. They knew that the companies would need to file for bankruptcy, or that some unscrupulous ones might do this as a way to avoid paying up despite still having the means to do so. So, they created these asbestos trust funds.

They made it a condition for asbestos companies looking to declare Chapter 11 bankruptcy. They could put some money aside into one of these funds in exchange for peace of mind from lawsuits. In turn, it made it easier for those harmed by the asbestos to get compensation, even long after the company had closed down.

That doesn’t mean getting adequate compensation is ever easy, which is why getting legal help to understand your options can help.