Mesothelioma is an aggressive form of cancer with no known cure. What makes it even more insidious is that it is one of just a handful of cancer types that can be directly attributed to an environmental cause: asbestos exposure. For most people who have been diagnosed with mesothelioma, it was the result of exposure at a job site that could have happened decades ago. This type of cancer is often dormant until it metastasizes, and by then, the prognosis is severely impacted.
When facing an uncertain future, it helps to know that there can be a measure of financial security provided to mesothelioma patients and their families through asbestos bankruptcy trust funds. Accessing these funds can be challenging without the right legal representation.
Attorney Jill A. Rakauski of the Frost Law Firm, PC has been providing support and guidance to asbestos victims since 1993. As an experienced Wisconsin mesothelioma lawyer, Jill oversees the claims of local residents who have recently been diagnosed and are overwhelmed with what should happen next.
Q&A About Asbestos Trust Funds
Here, Jill provides some clarity about how families can find relief through asbestos bankruptcy trust funds.
Q: What are asbestos bankruptcy trust funds?
Jill: When it was clearly established that asbestos exposure led to mesothelioma, the companies who allowed that exposure to fester, needed to be held accountable. That led to a series of lawsuits that drained the company’s finances and forced them into Chapter 11 bankruptcy.
As a condition of that bankruptcy approval, the companies were ordered to set aside funds to support mesothelioma victims and their families. These serve as a crucial non-litigation source to cover any medical expenses and lost wages. There are also multiple trust funds established throughout the country that are connected to various companies who all had problems with asbestos.
Q: Who is eligible to file a claim with an asbestos trust fund?
Jill: The important thing to understand about the asbestos bankruptcy trust funds is that you don’t have to sue to receive a benefit. Think of the funds as the result of a settlement that purposely helps to avoid litigation. Of course, that doesn’t mean you just have to ask for money and will get a check. You need to show a diagnosis of an asbestos-related disease. You also have to prove the asbestos exposure you endured was linked to a company that created a trust fund. In some cases, family members can also file claims on behalf of deceased loved ones.
Q: How do asbestos trust fund claims work?
Jill: Instead of going through the lengthy process of filing a civil complaint and taking your former employer to court, you’re entitled to file a claim directly with the specific trust fund related to your work history. There will be a review process tailored to each company’s trust. You just need to share your medical records and proof of exposure to be awarded a settlement.
Q: Can you file claims with more than one trust fund?
Jill: Yes. Many workers were exposed to asbestos from multiple companies. If each of those companies went through the process of setting up a trust fund, you may be eligible to file claims with any relevant fund. Filing with one trust does not prevent you from pursuing compensation from others.
Q: How much compensation is available through asbestos trust funds?
Jill: At last count, the combined amount for all the asbestos trust funds is around $30 billion. The average compensation varies depending on factors such as the severity of the illness, your exposure history, and how the illness has impacted your earning capacity.
Q: How long does it take to receive payment from a trust fund?
Jill: The good news is that many asbestos trust fund claims are processed faster than traditional lawsuits. Once you’ve submitted your documentation, you could receive a settlement within a few months. Of course, the exact timeline will depend on the strength of your documentation and each trust’s review process.
If you have any other questions, don’t hesitate to reach out to the Frost Law Firm, PC to schedule a free consultation. We want to help you and your family understand all your options.
