When facing a mesothelioma diagnosis, you're not only dealing with a devastating health condition but also confronting the financial burden that comes with it. Understanding your options for compensation becomes crucial in securing the resources needed for treatment and supporting your family during this difficult time.
You have two primary paths to pursue compensation for mesothelioma: filing claims with asbestos trust funds or pursuing a lawsuit against responsible parties. Each option has distinct advantages and considerations that will impact your decision-making process.
Asbestos trust funds were established by bankrupt asbestos companies as part of their bankruptcy proceedings. These funds currently hold over a billion collectively, specifically designated for compensating victims of asbestos-related diseases.
When you file a trust fund claim, you're working within a predetermined system designed for efficiency. The process typically takes several months rather than years, and you don't need to prove fault in court. Instead, you demonstrate your exposure to the specific company's asbestos products and provide medical documentation of your diagnosis.
Trust fund payments are generally smaller than lawsuit settlements, often ranging from $5,000 to $200,000 per claim, depending on the severity of your condition and the specific trust's payment percentages. However, you can potentially file claims with multiple trusts if you were exposed to products from various companies.
The streamlined nature of trust fund claims means less stress and uncertainty for you and your family. You'll receive compensation more quickly, which can be particularly important given the aggressive nature of mesothelioma.
Filing a lawsuit allows you to seek compensation directly from companies that are still operating and financially viable. This path potentially offers higher compensation amounts, with settlements and verdicts sometimes reaching millions of dollars.
However, litigation requires more time, resources, and emotional energy. You'll need to participate in depositions, provide extensive documentation, and potentially testify in court. The process can take one to three years or longer, depending on the complexity of your case and court schedules. Lawsuits also carry inherent risks. While you might receive substantial compensation, there's also the possibility of an unfavorable verdict or the defendant company's inability to pay a judgment.
Your choice between trust fund claims and lawsuits shouldn't be made in isolation. Several factors should influence your decision, including your current health status, financial needs, the strength of your exposure evidence, and your personal preferences regarding time and involvement in the legal process.
Many experienced attorneys recommend pursuing both options simultaneously when possible. This dual approach maximizes your potential compensation while providing multiple avenues for recovery. Since trust fund claims typically resolve faster, if you or a loved one has been diagnosed with mesothelioma, you might receive initial compensation from trusts while your lawsuit proceeds through the courts.
The timing of your diagnosis also matters. Some trusts have payment percentages that change over time, and statutes of limitations apply to both trust fund claims and lawsuits. Acting promptly ensures you don't forfeit any of your legal rights.
Navigating mesothelioma compensation requires specialized knowledge of asbestos law, trust fund procedures, and litigation strategies. An experienced mesothelioma attorney can evaluate your specific situation, identify all potential sources of compensation, and develop a comprehensive strategy that maximizes your recovery while minimizing stress on you and your family.
