In media stories about asbestos, one of the points that gets hammered on again and again deals with the number of companies that have been forced into bankruptcy because of litigation. More than 70 companies in all, the accounts say.
Reading or listening to a story like that, it's easy to step away from it thinking about all those lost jobs, about those otherwise good companies who were just as ignorant about the dangers of asbestos as the rest of us.
But those stories rarely explain that most of those companies are still doing a thriving business but do not have to worry about mesothelioma victims suing them anymore.
Establishment of the Asbestos Bankruptcy Trusts
Realizing that there were an enormous number of potential lawsuits just sitting out there, waiting to be filed, one after another for decades — companies that manufactured products with asbestos, quickly sought to limit their losses by filing for bankruptcy protection under Chapter 11.
As part of that process, dozens of asbestos bankruptcy trusts (some with billions of dollars) were set up to compensate people with asbestos-related medical conditions. Meanwhile, after funding those trusts as directed by the bankruptcy courts, many of the companies reorganized successfully, yet were now insulated from future claims.
It was a win-win situation.
Experienced Legal Representation Makes a Difference
Because each asbestos bankruptcy trust has a different structure, different claim procedures, different proof requirements and different pitfalls — it is important to have a lawyer who knows the rules and who has experience with filing asbestos bankruptcy trust claims.
At Gori Julian & Associates, P.C.; we have an entire department committed to filing trust claims on behalf of our clients. Our team's experience and understanding of these trusts results in our clients receiving the maximum compensation for their injury.
Nationwide Legal Help for People With
Asbestos Lung Cancer or Mesothelioma
St. Louis Area: 618-307-4085 / Toll Free: 888-362-6890
For a free case evaluation, please call our law offices directly or contact us online. An experienced attorney will be available to discuss your potential lawsuit, answer any questions you have about asbestos bankruptcy trust claims and address any other concerns you may have as well.