Updated May 12, 2013 BY EMILY GLAZER AND JENNIFER SMITH

Federal watchdogs are preparing to exert more control over costs in big bankruptcy cases.

In the initial push, the first overhaul of guidelines intended to keep costs in check in about 17 years is expected to be unveiled by July 1. It aims to tamp down on fee and expense applications submitted by attorneys for corporate debtors and sometimes creditors. Read more