A large increase in the numbers inquiring about the new bankruptcy regime just weeks after the new one-year term became law shows there is new hope for indebted Irish households, according to an accountancy specialist.

An increasing number of householders in debt are choosing bankruptcy instead of the new insolvency regime under new, less-restrictive rules in operation since March.

Financial experts are predicting that the number of people filing for bankruptcy this year will be double that predicted by the Government.