Employer gone bankrupt? Your asbestos claim is still important

On Behalf of | May 9, 2022 | asbestos

As someone who is now living with the symptoms of an asbestos-related disease, it’s important that you have an opportunity to seek the money that you deserve. While the company itself may no longer be able to be sued, you can likely build a case to seek money from an asbestos trust fund.

Many companies that went bankruptcy because of asbestos claims were asked to set up trust funds for any workers who may later come forward with an asbestos-related claim. In general, those who develop symptoms may be able to claim for their lost wages, debt from their medical condition, pain and suffering and other financial losses.

How do you know if a company has an asbestos trust fund?

Asbestos trust funds are usually created when a company goes through bankruptcy. In most cases, those funds are set aside during Chapter 11 bankruptcy, which is a type of bankruptcy that allows a company to restructure itself and reorganize its finances.

In the future, the company is shielded against bankruptcy lawsuits, but the trust fund is there to help cover the losses of those who qualify. While the company itself may no longer be liable, it is usually expected to set aside enough money to compensate the expected number of workers who could come forward with illnesses linked to exposure to asbestos.

What if your bankrupt company doesn’t have an asbestos trust fund?

If the company is still running as usual today, such as if it completed a Chapter 11 bankruptcy to reorganize and continues to run its business now, you may be able to ask for compensation by filing a lawsuit directly against the company.

In other cases, such as if the company has dissolved or merged with another, it’s important for you to collect your documentation and evidence and to speak with someone familiar with asbestos-related lawsuits. There may be options open to you that will allow you to seek compensation despite the company no longer being in business.

As a victim of asbestos exposure, you deserve to seek fair compensation. Your life has been altered, and it’s your right to look into taking legal action.