A Positive Mesothelioma Diagnosis Could Entitle You To Compensation From A Bankruptcy Trust: Understanding Asbestos Bankruptcy Trusts Could Provide Victims with the Compensation They Deserve

WELLESLEY, MA, January 08, 2011 (Press-News.org) Mesothelioma, a rare and deadly cancer caused by asbestos exposure, affects thousands of people per year. Most people who suffer from mesothelioma have been exposed to asbestos on a regular basis, usually as a result of their work history. Mesothelioma victims may have handled asbestos directly or were frequently in an environment with a high concentration of asbestos fibers in the air. People can also develop mesothelioma as a result of secondhand asbestos exposure, which occurs when someone is indirectly exposed to asbestos fibers carried home on a loved one's clothing or hair. While caring for one's health takes precedence, ensuring you get the compensation you deserve is a close second.

"Being diagnosed with mesothelioma can be extremely unsettling. However, it is important to take the time to understand that you may be entitled to compensation as a result of a company's negligence in exposing you to these deadly fibers," explains Ricky LeBlanc, Managing Attorney at Sokolove Law, one of the nation's most trusted mesothelioma law firms. "Even companies that have declared bankruptcy may still pay claims from asbestos bankruptcy trusts. Filing a claim against a settlement trust is different from filing a lawsuit against a solvent company, so it's important to make sure you have the right mesothelioma attorney advocating on your behalf."

As companies who knowingly exposed workers to asbestos faced increasing legal bills and victim payments, they sought protection by filing for Chapter 11 bankruptcy. Typically, companies file for bankruptcy protection in order to buy time and re-organize their finances to pay claims. The bankruptcy filing simply suspends any pending or future lawsuits against the company as the bankruptcy case proceeds.

An asbestos company in Chapter 11 asks the court to approve a reorganization plan that includes a settlement trust funded by cash, insurance or company stock. Upon court approval, existing claims are transferred to the trust, and future claims will be filed against the trust, rather than the company directly. Asbestos bankruptcy trusts are set up under strict rules to ensure that funds are available for future claims. In total, more than $18 billion is available in trusts to pay victims and families who were exposed to asbestos and now suffer from asbestos-related diseases, and an additional $12 billion is awaiting court approval.

"One important thing to note is that the requirements for a claim vary from one bankruptcy trust to another, and trusts will not always assist claimants in filing their claims. In addition, you may still be eligible to file a claim against a trust even if the statute of limitations has passed for filing a lawsuit," cautions Ricky LeBlanc. "Again, the key is to work with an experienced mesothelioma lawyer who can help you avoid errors and ensure your claim is properly filed."

For more information on asbestos and asbestos-related diseases, visit the Mesothelioma Resource Center at http://www.MesoRC.com. The resource site is continually growing to better provide information to those currently living with or are caring for a victim of mesothelioma.

About Sokolove Law
Sokolove Law, LLC is the nation's largest marketer of legal services that help people obtain access to the civil justice system while ensuring they receive superior quality legal representation. With over 30 years of service, Sokolove Law has helped thousands of injured parties obtain the compensation they deserve from their legal claim such as mesothelioma, cerebral palsy, nursing home abuse, dangerous drugs, disability insurance denial, and medical malpractice cases. Sokolove Law is a national firm with 52 locations. For more information, visit http://www.sokolovelaw.com or contact PR@sokolovelaw.com.