New guidelines regarding the fees charged by attorneys in corporate bankruptcies are scheduled to be announced by July 1. These guidelines are designed to lower the fees that attorney’s charge debtors, and sometimes creditors, in corporate bankruptcies. Some attorneys can charge up to $1,000 per hour in very large cases. Some feel that this is not fair when creditors are only receiving a portion, sometimes pennies on the dollar, of the amount owed to them. Other professionals involved in the bankruptcy process could be next on the list for revisions.

For more read, “Bankruptcy Costs Attacked.”