Cost-cutting bankruptcy guidelines expected by July 1

Bankruptcy judges and the U.S. Trustee Program seek to control expenses billed by attorneys

No company ever wants to face bankruptcy, but new guidelines expected by July 1 aim to lower costs for companies when the worst happens.

Bankruptcy judges, along with the U.S. Trustee Program (the bankruptcy-monitoring wing of the Department of Justice) intend the guidelines—the first bankruptcy cost-checking initiative in about 17 years—to limit attorneys’ and creditors’ fee and expense applications.

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