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WASHINGTON — Time will only tell the success or failure of the credit union trade association-backed Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 signed into law April of last year.

Though the Administrative Office of the U.S. Courts came out with statistics last month showing bankruptcy filings down significantly at the 12-month period ending June 30, 2006 from the one ending June 30, 2005–1,484,570 down from 1,637,254–CUNA Chief Economist Bill Hampel said it is still too early to determine the lasting effects of the change in the law. According to the U.S. Courts, the June 2006 figure is the lowest filings have fallen since the 12-month period ending September 2001.

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