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As debtors and their lenders budget for a bankruptcy filing, parties negotiate over the cost of the “carveout” for professional fees, leading to a discussion over nearly every detail of the case: How long will a sale process take? Will the Committee retain a financial advisor? What funding will the lenders provide for administrative expenses after a sale or a default?

This negotiation continues after the filing, as the United States Trustee and Committee (UST) weigh in on the potential costs of the case. Yet despite how much attention the carveout receives, one component is often plugged into the debtor’s budget with almost no analysis by any party: the quarterly fees payable to the United States Trustee under 28 U.S.C. §1930.

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