The number of bankruptcies increased by almost 570% last year – with 448 people being declared bankrupt.
An increase in bankruptcies was widely expected following ther launch of the Insolvency Service of Ireland, in March 2013, which reducted in the term of bankruptcy from 12 to three years.
Figures from the Courts Service Annual Report also showed that the numbers of debt cases at every level of the courts fell significantly last year.
They decreased by 27% in the High Court, 43% in the Circuit Court and 41% in the District Court.
In the criminal courts, drink-driving cases fell by a quarter, but road traffic offences still make up 62% of orders in the District Court.
While there was a 15% decrease in less serious drugs offences.