Asbestos Bankruptcy Trusts
Frequently Asked Questions & Answers
For over 30 years, Levy Konigsberg has specialized in representing victims of asbestos-related diseases, including mesothelioma, lung cancer and asbestosis. The firm represents its clients both in civil lawsuits filed in courts, as well as in the asbestos bankruptcy trusts that have been set up by certain companies that previously made or sold asbestos products. Here are some answered. The bankruptcy claims department at Levy Konigsberg is led by partner Audrey Raphael, who has decades of experience and uses the most updated bankruptcy claims information to achieve the best results for the firm’s clients. Below, you will find some answers to some frequently asked questions about asbestos bankruptcy trusts.
Question: How much money is available from asbestos bankruptcy trusts in total?
Answer: It has been estimated that there is over $30 billion available from asbestos bankruptcy trusts if you combine all the money available from all trusts. However, this number is a rough estimate and the amount available is constantly changing based on the number of claims that are paid out and the value of the individual trust assets that are subject to market changes.
Question: What is needed to qualify for payment by an asbestos bankruptcy trust?
Answer: All asbestos bankruptcy trusts require medical proof of an asbestos-related disease such as mesothelioma, lung cancer, or asbestosis. In addition, each asbestos bankruptcy trust has its own rules to determine if the claimant was potentially “exposed” to asbestos from a product for which the bankruptcy trust is legally responsible. The proof of exposure necessary for most bankruptcy trusts is less stringent than that required in a civil lawsuit. For example, many bankruptcy trusts will compensate a claimant who was present at an “approved” job site during particular years based on the type of work or trade of the claimant.
Question: Do all people who qualify for payment by a particular bankruptcy trusts receive the same amount?
Answer: No. There are many factors that will affect the amount of money that a person gets from an asbestos bankruptcy trust. Mesothelioma claims qualify for higher payments compared to other asbestos-related diseases. Younger claimants are often compensated to a higher degree as compared to older claimants. For some trusts, living claimants receive more compensation than deceased claimants. Every asbestos trust fund is different and most of them award differing amounts of compensation based on a variety of factors.
Question: For how many asbestos trust funds can a person qualify for payment?
Answer: The number of asbestos trust funds for which a person with an asbestos-related disease qualifies is different for each claimant. It is possible that a person will qualify for no asbestos trust funds, while another person may qualify for more than 10 or 15 trust funds. Some examples of claimants who would likely qualify for a significant number of asbestos bankruptcy payments include: those who worked in the engineering spaces of a Navy ship; shipyard workers; and those who worked at a large industrial job sites, such as power plants, where the use of asbestos products was well-documented. It is important to remember, however, that all bankruptcy trusts require medical evidence of an asbestos-related injury, such as mesothelioma, lung cancer or asbestosis. There is no entitlement to compensation merely because a person was exposed to asbestos.
Partner Audrey Raphael, and the hard-working team at Levy Konigsberg are ready to help you with your asbestos bankruptcy trust claims and to evaluate all of your legal options. For a free consultation, call 1-800-988-8005, start a “live chat” with our representatives now on this page, or fill out the form on this website.