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Record Bankruptcy Filings in 2005

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By Admin on March 27, 2006 7:35 AM

Bankruptcy filings in the federal courts skyrocketed a record 30 percent in calendar year 2005, according to data released by the Administrative Office of the U.S. Courts. The increase in calendar year 2005 occurred largely in response to the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 [PDF], as many debtors filed petitions before the law's general effective date of October 17, 2005.