THE U.S. SUPREME COURT’S March decision allowing unsecured creditors to collect attorney fees in bankruptcy left questions about just how far the ruling reaches into the bankruptcy debtors’ pockets for attorney fees arising from a prebankruptcy contract.
The opinion was a wake-up call to attorneys who draft contracts to be more specific about providing for fee recovery should debtors someday file for bankruptcy. And until lower courts sort out the breadth of the decision, it is likely to result in more work for bankruptcy lawyers.
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