Have you been wondering how asbestos companies who have filed for bankruptcy are able to pay the victims of their products and neglect? Asbestos bankruptcy trusts are developed for victims when a company files for bankruptcy under the Chapter 11 United States Bankruptcy Code.
According to our sister site, AsbestosNetwork.com, these are trusts that "are organized to process, liquidate and pay all valid asbestos personal injury claims according to procedures approved by the bankruptcy court." It is no longer the company you are filing a claim against, but the settlement trust, and it can be a long process for some victims.
Here at Brayton Purcell LLP, we work to ensure that bankruptcy and the reorganization process are not used to avoid responsibilities to asbestos claimants. See our website for a list of Asbestos companies currently in bankruptcy, and read more about asbestos bankruptcy on AsbestosNetwork.com.