New bankruptcy attorney fee guidelines

New guidelines for attorney’s fees in Chapter 11 bankruptcies are scheduled to take effect on November 1. The guidelines are aimed at taming some of the enormous fees that some attorneys charge in Chapter 11 cases – – in some cases up to $1,000 per hour. The new guidelines will apply in Chapter 11 cases where debtors have at least $50 million in assets and $50 million in debt. The guidelines will instruct trustees on when and how to request more information from attorneys with regard to fees and when to object to fees.

For more about the new fee guidelines read, “Justice Department to Crack Down on Bankruptcy Legal Fees This Fall.”

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