More than 180 people have gone bankrupt so far this year, according to the Insolvency Service of Ireland.
The service revealed today that for the first eight months of the year 183 people were adjudicated bankrupt in the country.
From January 2014 to December 2018, there has been a further 2,323 people adjudicated bankrupt, an average of 464 a year.
Christopher Lehane, the Official Assignee in Bankruptcy, said: “To put the figures in context the total number for persons adjudicated in the previous 14 years i.e. 2000 to 2013 was 225, an average of 16 cases per year.
“Thankfully the stigma formerly attached to bankruptcy is substantially gone as the public realise that those who can pay, do pay in bankruptcy and there is a robust regime to ensure that happens.
"From a debtor’s perspective they need to appreciate that while their credit rating is affected until they deal with their debts, in the norm after one year of bankruptcy, their debts are gone and they can start repairing their credit history. Bankruptcy works”.
Mr Lehane encouraged anyone with serious debt issues to contact a Personal Insolvency Practitioner, details of which are available on www.backontrack.ie or by calling 076 106 4200.
People can also freetext GETHELP to 50015 for a call back from the ISI.