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Bankruptcy Filings in Calendar Year 2007
The Administrative Office of the U.S. Courts has reported that bankruptcy filings increased by 38% in calendar year 2007 from the same 12-month period ending Dec. 31, 2006. The number of bankruptcies filed in the 12-month period ending Dec. 31, 2007, totaled 850,912, up from 617,660 bankruptcies filed in calendar year 2006. Filings rebounded from a 70% drop in calendar year 2006, which was the first full 12-month period after the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) took effect.
A record-breaking number of bankruptcies filings was seen in calendar year 2005, when over 2 million bankruptcies were filed, primarily because, in October 2005, many of the provisions of BAPCPA were enacted. Although filings fell drastically in 2006, as expected, they have started their gradual climb back up in 2007.
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