Asbestos Bankruptcy Lawyers
Throughout the last few decades, companies who manufactured or used asbestos products have filed for Chapter 11 bankruptcy. Under this bankruptcy platform, all legal and civil suits are suspended while the companies work through the debt reorganization process.
Unfortunately for those who have contracted serious asbestos-related illnesses and injuries, a Chapter 11 bankruptcy claim gives companies immediate immunity from all lawsuits. After meeting the legal requirements of bankruptcy, asbestos companies no longer need to worry about pending lawsuits and can return to business.
So, what can victims of asbestos exposure do?
Asbestos companies are, fortunately, required to set up asbestos bankruptcy trusts for those individuals who sustained injuries due to asbestos exposure. These trusts are formed by pulling the assets and insurance proceeds of the company and then setting them aside for individuals with exposure to make their claims. When filing a personal injury claim, victims will file their claims against the trust rather than the company and seek their damages in the form of money directly from that trust instead of from the company or manufacturer.
Without the asbestos bankruptcy trusts, victims would be unable to recover damages for the illnesses and other injuries they have sustained as a result of the exposure. Because of Chapter 11 bankruptcy, companies that can be held responsible are dwindling, the trusts may be the only method of relief for this poisoning in times of financial and medical crises.
Contact Our Experienced Asbestos Bankruptcy Attorneys
If you or a loved one has sustained serious injuries such as lung cancer, colon cancer, esophageal cancer, pleural disease, or mesothelioma from asbestos exposure, consult an experienced asbestos bankruptcy lawyers such as those at Smith Clinesmith, LLP. We have dedicated our legal careers to fighting for the rights and compensation of those affected by asbestos-related illnesses. Contact us today to discuss your personal injury claim.