New figures from the Insolvency Service of Ireland show that the agency is dealing with debts of almost €1.5 billion.
A report for the fourth quarter of 2014 showed that the number of personal insolvency arrangements approved rose by 148% over the third quarter and exceed the previous three quarters combined.
The service saw almost 1,000 cases during 2014.
Figures from the ISI show that the average write-down on a mortgage was 16% under the State backed insolvency regime.
The figures show the biggest reduction on a mortgage was 83% and the smallest was zero.
Personal Insolvency Arrangement deals saw much more significant write-downs of unsecured debt (personal loans and credit card borrowings) with an average write down of 89%.
Today's report also said there had been a significant reduction in the application costs for bankruptcy and costs have fallen from €1,400 in 2013 to €270 today.
The equivalent cost in England and Wales is about €900.
Lorcan O'Connor, director of the Insolvency Service of Ireland, said the reduced costs builds on the various developments announced by the ISI at the start of October, including the waiving of all application fees for the alternative solutions to bankruptcy.
"The number of people availing of the debt solutions available through the ISI is increasing every month and the trend is continuing to move in the right direction," Mr O'Connor said.
He said the service's 'Back on Track' information campaign, which was launched in October, has helped people to understand that help is available for anyone with unsustainable debt.
