It has emerged that more people were declared bankrupt in the first three months of this year than in all of 2013.
The detail is confirmed in a report from the Insolvency Service of Ireland which says it is having a major impact, "directly and indirectly", in its first year in office.
The figures also show just four insolvency deals involving mortgage debt have been approved by creditors.
It is a year since the ISI began its work, and already it's dealing with more than €300m of debt, and has more than 500 cases in process.
Sixty-six bankruptcies were confirmed between January and March this year.
Today's report also shows the level of debt that is being written off in arrangements that are entered into.
Under a Personal Insolvency Arrangement, 19% of secured debt and 93% of unsecured debts are being written off, on average.
Under a Debt Settlement Arrangement, an average of 77% of unsecured debt is written off.
The ISI is pointing to a growing number of agreements between insolvent people and their creditors being successfully concluded, and says their work is helping break a "stalemate" between creditors and people in debt, which has been going on for years.