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BURLINGAME, Calif. — Bankruptcy filings surged prior to last year’s implementation of the Bankruptcy Abuse Prevention and Consumer Protection Act, but filers abruptly put the brakes on immediately after the Oct. 17, 2005 effective date.

Annualizing third quarter data, Lundquist Consulting, Inc. found that one in 170 households filed bankruptcy in 2006, as opposed to one in 53 in the third quarter of 2005. “While bankruptcy filings rates are rising, they continue to remain significantly lower than historic levels,” Chris Lundquist, founder of Lundquist Consulting, said. “A significant amount of the decrease can be explained by the large volume of consumers who filed Chapter 7 in October 2005, making it still too early to understand the long-term affects of BAPCPA.”

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