Bankruptcy filings have continued to surge this year running more than 60% over the year ago levels. Momentum exploded in May with approximately 83,000 filings compared to 62,500 in April and 74,000 in March. If the current pace holds it is likely the total filings for 2007 could approach one million. Also driving the momentum is the collapse of the sub-prime mortgage market. According the Administrative Office of the U.S. Courts the all-time quarterly record was set in the fourth quarter of 2005 when 667,431 bankruptcy filings were made. New bankruptcy laws took effect in late 2005.