Abstract: Many market participants believe that Chapter 11 has increasingly become more expensive. Using a new dataset detailing the fees paid to the debtor's lead law firm in large bankruptcy cases filed between 2004 and 2022, I find evidence that this is true. On average, Chapter 11 fees consumed four times as much of a debtor's pre-bankruptcy assets in 2022 than was the case in the 2010s. The daily cost of bankruptcy also appears to be much higher, with the median case reaching $84,000 in 2022, compared to $32,000 in 2010. Moreover, the pre-bankruptcy restructuring process may also be more expensive, as pre-bankruptcy legal expenses -- including workouts, out-of-court restructuring, and bankruptcy preparation -- increased by 89% from the 2000s to the late 2010s. In sum, the evidence is consistent with the view that debtors and creditors now pay more for Chapter 11, although the trend is still young, and it remains to be seen how durable it will be.