The Sarbanes-Oxley costs excuse is another lie that scam companies have used to try to convince their marks that deregistering with the SEC is somehow a good thing (it never is). Smaller companies are exempt from the vast majority of Sarbanes compliance requirements, including all the expensive portions. Compliance costs for Sarbanes for a smaller company is minimal at worst, but is most likely no added cost as the few things they are required to do they are likely already doing.
And yes, it certainly helps to be fully reporting and having a company's financial statements to be in order (which SEC reporting absolutely should do) when filing for bankruptcy as the Company is required to produce those documents to the creditors and the court.
But then again, most, if not all, public companies that are not SEC registrants are not actually legitimate businesses. So for most, it is a moot point.
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