Asbestos Trust Funds: Why Legal Representation Matters
Asbestos trust funds, established to compensate victims of asbestos-related diseases like mesothelioma, hold over $30 billion. However, navigating these funds requires expert legal assistance. Attorney Paul Danziger explains why hiring a lawyer is crucial for maximizing compensation from asbestos trust funds and solvent defendants.
Key Reasons to Hire a Lawyer for Asbestos Trust Fund Claims:
-
Multiple Trust Funds
There isn’t just one asbestos trust fund, but nearly 200 different bankruptcy trusts. A lawyer helps identify which specific trusts are relevant to your case based on your asbestos exposure history.
-
Complex Claim Process
Accessing money from various trusts is not straightforward. It requires extensive work to identify products you were exposed to and then file claims with the appropriate trusts. Lawyers have the expertise to navigate this complex process efficiently.
-
Additional Compensation Sources
Beyond trust funds, significant compensation can come from “solvent defendants” – companies that haven’t filed for bankruptcy. This process involves:
– Filing lawsuits
– Serving discovery
– Negotiating settlements
– Securing releases
-
Maximizing Compensation
While it might seem simpler to file claims directly, working with a lawyer typically results in substantially higher compensation. Law firms like Danziger’s have recovered tens to hundreds of millions of dollars for their clients.
-
Comprehensive Legal Strategy
A lawyer develops a comprehensive strategy to pursue all available sources of compensation, including both trust funds and solvent defendants, ensuring you receive the maximum possible compensation for you and your family.
By understanding these key points, asbestos victims and their families can make informed decisions about seeking legal representation for their trust fund claims and related lawsuits.
Frequency Answers Questions
How much money is available in asbestos trust funds?
There is over $30 billion set aside in various asbestos trust funds.
Why do I need a lawyer if the money is already in trust funds?
While the money is in trust funds, it's not in a single fund. There are nearly 200 different bankruptcy trusts. A lawyer helps identify which products you were exposed to and accesses money from the relevant trusts.
How many asbestos trust funds are there?
There are almost 200 different asbestos trust funds.
Is it easy to access money from these trust funds?
No, it's not simple. It requires a lot of work to identify exposure, file claims, and access the money from various trusts.
How successful are lawyers in recovering money from these trusts?
Experienced law firms have recovered tens, if not hundreds of millions of dollars for their clients from these various trust funds.
Are trust funds the only source of compensation for asbestos victims?
No, trust funds are only part of the equation. Significant compensation can also come from "solvent defendants" - companies that haven't filed for bankruptcy.
What does pursuing compensation from solvent defendants involve?
It involves filing a lawsuit, serving Discovery, suing the defendants, negotiating settlements, getting releases, and securing compensation for the client.
Can't I file claims myself without a lawyer?
While you could try, it's not recommended. The process is complex, and working with a lawyer typically results in maximizing the amount of compensation you can recover from all the various asbestos defendants.
What's the main benefit of hiring a lawyer for asbestos trust fund claims?
A lawyer can help you get a lot more compensation for you and your family by navigating both the trust fund claims and lawsuits against solvent defendants.
