Asbestos Bankruptcy

Over the course of the 30-plus years that asbestos litigation has been going on, some asbestos manufacturers andAsbestos Bankruptcysuppliers have chosen to seek protection under the federal bankruptcy laws in order to deal with the number of lawsuits filed by the victims (and their families) who were poisoned by the asbestos or asbestos-containing product(s) of that particular company. The filing of bankruptcy by an asbestos manufacturer/supplier puts a stop to any further litigation against that company by asbestos victims. However, it does not necessarily mean that asbestos victims will be left out in the cold with no recourse relative to that particular company.

Many times, the bankruptcy court overseeing the bankruptcy of a particular company ultimately sets up a trust fund that is designed at least in part to compensate asbestos victims and their families. While the trust that is set up oftentimes will provide some compensation to a victim or his/her family, the amount that is provided is a far cry from what the company might have otherwise been required to pay by a court or jury following a trial. Also, the filing of bankruptcy by an asbestos manufacturer/supplier does not mean that the particular company is going out of business such that many employees of that company lose their jobs. More often than not, the company continues to fully operate during the bankruptcy process and ultimately emerges from the bankruptcy process with a new, ongoing entity that is effectively immune from asbestos lawsuits by asbestos victims. (In a non-asbestos context, think of Delta Air Lines, which went through a bankruptcy process and is still operating. In an asbestos context, think of Owens-Corning, whose roofing and other lines of building products may be seen daily at stores like Lowes or Home Depot.) Contrary to common belief therefore, the filing of bankruptcy by an asbestos manufacturer/supplier usually does not result in the complete shutdown of the company and a loss of jobs by its employees.

Located in Chattanooga, Summers, Rufolo & Rodgers, has a long-standing reputation for providing quality legal representation for people throughout Tennessee. We take a comprehensive approach to representing our clients, regardless of the complexity of a case. We recognize that every legal situation is unique and that every person will have individual needs. You can trust that we will provide personalized attention and be accessible to answer your questions throughout the entire duration of your case.

Contact the lawyers at Summers, Rufolo & Rodgers, for a free consultation at 423-933-2738 or 423-933-2738.

Asbestos Bankruptcy and Trust Funds

Summers, Rufolo & Rodgers attorneys have extensive experience working with the various trusts in order to ensure that each trust, where appropriate, is properly accountable to the firm's clients and to maximize the amount of compensation to which its clients are due. The start to this process begins by Summers, Rufolo & Rodgers filing a claim with a respective trust. However, just because a claim may be filed with a given trust does not mean that the claim will be approved and paid. Each trust is governed by unique and yet fairly common "trust distribution procedures," which include specific medical and product identification requirements that must be met in order for an asbestos victim (or his family) to qualify and receive compensation. Once a claim is approved, the payment from the trust is generally based upon a predetermined percentage of the claim's settlement value. The percentage payment, and the underlying value of a given claim, is set by various factors approved by committees overseeing that particular trust. We have a complete list of active and inactive trusts on our Asbestos Trusts page.

If you have suffered an injury from exposure to asbestos, such as mesothelioma, our attorneys will explain your legal options. In Tennessee, you have options in addition to pursuing a lawsuit, which include seeking compensation from asbestos trust funds. This is an option that often yields a substantial recovery and can be pursued instead of a lawsuit, or along with a lawsuit.

Contact Our Tennessee Asbestos Lawsuit Attorneys

Please contact Summers, Rufolo & Rodgers, today to schedule a free initial consultation. Call 423-933-2738, 423-933-2738 or contact our experienced lawyers online. Consultations can be scheduled to meet your convenience. We are here to help you explore your legal options.