Personal bankruptcy filings dropped to their lowest level in 20 years during 2006's first quarter, according to financial research firm Lundquist Consulting Inc.

Between January 1 and March 31, filings fell 73 percent, to 102,949, compared to the same period a year ago. On an annualized basis, one in every 261 households filed for bankruptcy in the quarter, as opposed to one in every 73 households a year ago.

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