2018 Camp Fire: What Happens if a Company Can’t Afford the Payout?
Following the 2018 Camp Fire, many people are still suffering extreme losses associated with the incident that caused devastation across California. Each day, many people come forward with injuries, fatalities of loved ones, property damage, and more. Search and rescuers are still looking through many California towns and cities for items and people who have been left behind as families were broken up and had to approach safety. However, rescuers have also said that each day, they find fewer and fewer bodies. In fact, there is a chance that some people and many things will not be recovered. Because of this, PG&E could be facing astronomical fines and payouts as they defend themselves against the many lawsuits that are now coming forward.
As of now, researchers are saying that the damages could be well into the billions in potential liability costs due to the damage that resulted from the negligence on behalf of PG&E. Because of this, there is the very real fear that, as a corporation, they could face bankruptcy, which could put pressure on the entire state of California as they grasp at a bailout to help them financially. As of now, Citigroup is estimating that the liability costs, just as they stand at this very moment, are already up to $15 billion in damages. This is due to the fact that the company will probably be found fully liable for both fires of 2017 and 2018.
What happens if you and many others decide to move forward with a lawsuit against a corporation because of their negligence and you find that the company is unable to afford the payout? Will you and many others be left without the settlement that you desire to pay for a variety of huge damages?
Huge Costs for PG&E
Major corporations like PG&E are usually able to draw out settlements with their extensive number of professionals behind them, such as the attorneys that help them litigate and protect them, and the insurance companies working on behalf of them. However, those who file injury and wrongful death claims against these large corporations might not have the same aspects at their disposal, which is why you want to ensure that you have an experienced personal injury attorney on your side who has had experience in these types of cases as you endure this long, drawn-out legal process.
If a company is unable to pay a judgment against them, then it could become a debt, which means that many companies will want to avoid this from happening, which makes them more likely to settle with you so that you can receive the amount of damages that you need to move forward.
We understand how difficult it can be to face the reality that you will suffer permanent damages or have lost a loved one due to the outright negligence of a large corporation .If you have received damages due to the Camp Fire, our experienced and dedicated attorneys at the Brady Law Group have handled many cases like these in the past and are here to offer their support to you. From wrongful death claims for those who have suffered immense losses and those who have received major property damage due to the recklessness of PG&E, we handle all of your legal matters and will continue to be your legal advocate during this time. Contact us to find out how we can help at (415) 459-7300.