The Garda Representative Association said that many members of the force are now bankrupt.
The Garda debt code means that officers who cannot pay their civil debts face discipline, and may be suspended or dismissed.
But speaking at the launch of its annual conference in Co Mayo this evening, the GRA said it is now dealing with one case of a member in mortgage trouble a day - with some members unable to afford the petrol or diesel needed to travel to work.
Deputy general secretary John Healy says many members of the force are looking into how the new insolvency legislation can help them - and many more are simply emigrating.
"Many are bankrupt," he said. "I suppose, let's call a spade a spade, many of our members are, because the extent of what they owe and their capacity to earn don't match up.
"And they're actually bankrupt - it's not theoretical."