Why Did Asbestos Companies Declare Bankruptcy?

Companies over the course of time have filed bankruptcy, in simplest terms to avoid accountability. Let’s let’s call it like it is. They, in the face of many asbestos claims that were coming up because they knowingly sold and produced asbestos, which they knew as early as the 1940s and perhaps earlier, that asbestos was carcinogenic and caused cancer. Despite that fact, they continued to put it out into the stream of commerce. People were affected by it and started developing lung cancer and mesothelioma, and other asbestos-related diseases. Faced with those mounting claims that were the product of their own wrongdoing, many companies started filing bankruptcy to avoid the liability and the financial exposure caused by that conduct. And essentially, that’s why they filed bankruptcy. They would argue that perhaps some of the companies were legitimately under financial stress and did not have the resources to handle the claims that they’ve created, but the bankruptcy protection offered them an opportunity to avoid accountability.