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BURLINGAME, Calif. — The national credit union trade associations lobbied hard for the Bankruptcy Abuse Prevention and Consumer Protection Act that they say targets debtors trying to game the system, and after nearly a decade of work got their wish at the end of 2005.

The new law became effective Oct. 17, 2005. Running up to that date, bankruptcy filings skyrocketed to a record of just over two million in 2005–up from 1.55 million filings in 2004, or 31.6%, according to Lundquist Consulting. October 2005 alone saw 650,000 filings.

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