Chrysler's bankruptcy, which started in April, 2009, has generated nearly $85 million in legal fees and costs, most of it going to its lead attorneys, who billed an average of $500/hour.
Chrysler filed a Chapter 11 reorganization. This same chapter is available to small businesses and even individuals. However, because Chapter 11 has to be able to accommodate the likes of Chrysler and other huge corporations, filing a Chapter 11 isn't a viable option for most people or companies. While it's true that most debtors wouldn't incur $85 million in legal fees, the sheer size of that number for a year's work should demonstrate that bankruptcy isn't cheap.
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