February 1 of 1998 was the founding date of the Celotex Asbestos Settlement Trust. This trust fund was the result of the bankruptcy declared by Celotex Corporation and Carey Canada. Celotex Corporation, based off of Delaware, was originally founded in 1964. The company specialized in manufacturing and distributing building and roofing products for residential and commercial use. Celotex’s subsidiary Carey Canada ran operations in mining and processing asbestos.
Asbestos exposure is known as the cause for a variety of severe and fatal health conditions. Year after year, mesothelioma, asbestosis and certain forms of asbestos induced lung cancers are responsible for thousands of patients getting diagnosed or die as a result of having developed any of the aforementioned diseases. Unfortunately, all illnesses caused by asbestos are known for their long latency period, in other words, before a conclusive diagnosis can be made, chances are that the disease has progressed to a more advanced stage already. Mesothelioma and lung cancer have a poor outlook on survival, a cure is yet to be found and the current treatments are targeted to provide the patient with the best possible quality of life, but cannot prevent the disease from progressing further.
Celotex and Carey Canada had to file bankruptcy on October 12 of 1990 and the installation of the Celotex Asbestos Trust was a consequence of that. In a nutshell, the purpose of the trust is to review valid asbestos injury claims as well as processing and issuing the compensations accordingly. But who is eligible for filing a claim with the Celotex trust?
Anyone who suffered a personal injury due to asbestos exposure while he was employed by either Celotex or Carey Canada, or any of their predecessors, is allowed to file a claim under the conditions of the trust. Furthermore, the trust does protect those who are actually not injured yet, but may have reason and proof to be at a risk of developing an asbestos induced disease as a result of their tenure with Celotex or Carey Canada. The initial deadline for filing a claim was March 15 of 1996. If an individual is uncertain of his eligibility, he may still go ahead and file a claim. The claim will be evaluated internally and a decision will be made as to whether or not it is found to be valid under the terms and conditions of the Celotex Asbestos Compensation Trust.
If your claim receives approval, you will get an offer for compensation. In case you accept the offer as is, you can expect a check within a few months. But either way, it is strongly advisable to seek the help of a personal injury asbestos lawyer to assist you in filing your claim, just to make sure that all your paperwork is in order and that you will receive the maximum out of your case.