In some cases a plaintiff may face an issue with bankrupt asbestos manufacturers. Even if an attorney files litigation against the lawyer, the bankrupt manufacturer may have other debts to resolve, making matters complicated. The priority of debt resolution is maintained by a trustee appointed by the bankruptcy court. The plaintiffs’ firms may not have control over the priority ruling.
However, manufacturers may have bankruptcy trusts Plaintiffs’ firms such as Baron and Budd may be able to get patients an equitable compensation from this corpus of money. Mesothelioma patients and their families may contact Baron and Budd as soon as possible to gain more information about the manufacturers they want to sue. In some cases, patients may not know where to get their compensation from. Baron and Budd can help in this regard.
When a patient files a claim against a bankrupt manufacturer, and the compensation settlement has not been finalized, then the manufacturer has un-liquidated debts. This means that the patients may not be able to get the amount of compensation as desired or as ordered by the jury. Baron and Budd may have to wait for the bankruptcy court to come out with a debt resolution plan and help patients gain compensation according to the debt resolution plan. Usually, a manufacturer’s debts are taken in account by a trustee or a bankruptcy-appointed debt resolution agency.
Baron and Budd fully understands the consequences to a mesothelioma lawsuit when a manufacturer goes bankrupt. It may be not long till Baron and Budd are able to set a precedent in this regard.
A mesothelioma patient cannot sue a bankrupt manufacturer through a plaintiff’s firm if the manufacturer has had a re-organization. When a manufacturer is bankrupt, it owes money to its creditors. This includes asbestos litigation compensations filed by law firms. Before the re-organization, the manufacturer will pay-off all its creditors and the law firm may not have control over the amount of compensation the manufacturer pays. Generally, such things are decided by a bankruptcy court. After the re-organization, the law firm may not be able to file litigation against the manufacturer again.
Baron and Budd has been in involved in asbestos litigation for over thirty years. It has successfully drawn compensation settlements from some of the biggest manufacturing companies. Visit them online at www.baronandbudd.com or www.mesotheliomanews.com to learn more.
Daniel firmly believes that asbestos should be banned. It should not be legal anywhere. He hopes that mesothelioma lawyers and mesothelioma law firms such as Baron and Budd can help the world get rid of asbestos.