Asbestos & Mesothelioma Law Blog
Being diagnosed with mesothelioma is overwhelming, and navigating the legal process can feel daunting. If you or a loved one has been diagnosed with mesothelioma, seeking financial compensation is essential to cover mounting medical bills and secure your family’s future. Mesothelioma victims and their families typically have two ways to pursue compensation. One can file a lawsuit or seek a payout from an asbestos trust fund, also called a mesothelioma trust fund. If you are wondering which option is right for you, read on to learn more.
Understanding Mesothelioma Lawsuits
A mesothelioma lawsuit is a legal claim filed against companies responsible for asbestos exposure. There are two main types of mesothelioma lawsuits:
- Personal injury lawsuits: These are filed by individuals diagnosed with mesothelioma to recover damages for medical bills, lost wages, and emotional suffering.
- Wrongful death lawsuits: These are filed by family members of someone who succumbed to mesothelioma. In these types of lawsuits, family members focus on recovering costs related to medical care, funeral expenses, loss of income, and emotional distress.
Most mesothelioma lawsuits are resolved through settlements, but some may proceed to trial. Settlements generally provide faster compensation, while trials can result in higher payouts if successful. However, lawsuits require patience and strong legal support, as they can take years to conclude. It is also worth noting that lawsuits can only be filed against companies that are still operational. Companies that filed for bankruptcy and set up trust funds are not subject to lawsuits.
How Mesothelioma Trust Funds Work
Many companies that produced or used asbestos products declared bankruptcy after facing numerous lawsuits. For the bankruptcy to be approved and their operations to continue, the companies had to establish trust funds to ensure that current and future victims could still receive compensation.
Filing a claim with a trust fund is generally quicker than pursuing a lawsuit, and victims and their families can receive compensation without enduring lengthy court proceedings. However, trust fund payouts are typically predetermined and may be lower than what you may be awarded through a lawsuit. Each fund has its eligibility criteria, documentation requirements, and deadlines. You have to meet the specified requirements to ensure a successful claim. If your asbestos exposure came from multiple companies, you may file multiple trust fund claims. This process may be complex, so seeking guidance from a mesothelioma attorney is advisable to navigate it effectively.
Pros and Cons of Each Option
Deciding between a lawsuit and a trust fund claim depends on your specific circumstances, such as your financial situation, health status, and the company’s bankruptcy status. Below are some pros and cons of each option.
Mesothelioma Lawsuit
Pros
- Potential for higher compensation, covering medical costs, lost wages, and emotional distress
- Possibility of punitive damages in some cases.
Cons
- Lengthy legal process that could take years
- Requires strong evidence and legal proceedings
- No guaranteed outcome, as court decisions can be unpredictable.
Asbestos Trust Funds
Pros
- Faster access to compensation
- Simplified process
- Predictable payout structure based on established criteria.
Cons
- Payouts are often lower compared to lawsuit settlements
- Some funds have limited resources, which may affect compensation amounts.
Nationwide Mesothelioma Lawyers
If you or a loved one were diagnosed with mesothelioma, contact our office to speak to one of our experienced nationwide mesothelioma attorneys about your situation. Our office can help investigate your case and determine if compensation can be sought from negligent parties to help pay for your medical treatment and help you and your family.