Trustee Evaluates Harsh Comments on Bankruptcy Fee Proposals

, New York Law Journal


The U.S. Trustee Program says that large fees are undermining public confidence in the bankruptcy process. But many bankruptcy lawyers have fired back that the proposed rules meant to address those fees are impractical and unethical.

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What's being said

  • Solusipse

    Not only are bankruptcy fee rates exhorbitant taking into account traditional measures of the skill, complexity, necessity, but the amount to time spent, padded with multiple lateral and vertical layers of attorneys and paralegals, is foten unconscionable. To suggest that "market forces" dictate rates is disingenuous especially with respect to court appointed trustees who constitute a clique of connected attorneys. If creditors are financially distressed going into a bankruptcy, they can be sure that the balance of the equity in their carrion will be largely devoured by the "administrative costs" not the least of which is legal fees, leaving them lucky to recover their own costs of pursuing their rights. ,

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