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WASHINGTON – Bankruptcy filings in the first quarter 2006 dropped precipitously to about a quarter of what they were in the last three months of 2005, according to the Administrative Office of the U.S. Courts.

A total of 116,771 bankruptcies were filed in the first quarter of the year-the lowest level of any three-month period since 1985-compared to 667,431 in the last quarter of 2005, which were inflated due to the Oct. 17, 2005 effective date of the new bankruptcy reform law. The first quarter of 2005 saw 401,149 filings.

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