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By Ashish Rajan, CardTrak.com

Personal bankruptcy petitions in May rose nearly 5% over year ago levels but fell sharply from the surge experienced in April when filings soared nearly 17% year-over-year. It is expected that bankruptcy filings will run higher as the clock continues to tick towards the October 17th effective date of new laws. Nearly 143,000 filings were made during May, compared to 136,509 for May 2004. This is the third month in a row that filings have moved up sharply after a steady two-year decline. Bankruptcy filings declined about 4% for the full-year of 2004. In January filings dropped 13%, and during February filings dived by 17% year-over-year. To review the major changes in the new bankruptcy law visit: http://abiworld.net/bankbill/changes.html