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Professional Compensation Is a Gamble in Chapter 11

This article was originally published in The Journal of Corporate Renewal, April 2005. Reprinted with permission.

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When a turnaround results in a Chapter 11 bankruptcy, getting paid becomes much more complicated for the professionals involved. At least one judge has described a bankruptcy professional hoping to be paid as a "gambler."

Obtaining proper compensation for professional bankruptcy services involves much more than doing good work and sending a fair bill. It is, in fact, the result of a process that must be planned and executed carefully to ensure that financial expectations are attained.

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