105 people were adjudicated bankrupt here last year, according to the Insolvency Service of Ireland (ISI), a 47% reduction on a year earlier.
A further 189 people exited bankruptcy the ISI annual report for 2022 shows, up from 135 in 2021.
In total, €1.453m in dividends were paid from bankruptcy estates to creditors, the service also said.
The ISI said 1,151 protective certificates were issues, 90% of which were for Personal Insolvency Arrangements (PIAs), the solution that deals with mortgage debt.
1,076 debt solutions were put in place over the course of the year, down from 1,193 a year earlier and 19 bankruptcy payment orders granted.
"Last year was an extremely turbulent one for the economy with significant financial pressures falling on individuals and families as a result of large and sustained inflation and interest rate increases throughout the period," said Director of the ISI, Michael McNaughton.
"The insolvency framework provides a range of solutions both for people who may find themselves falling deeper into an existing unsustainable debt situation and for people who may be experiencing this very stressful situation for the first time."
The service, which helps people to deal with personal insolvency and return to full participation in social and economic activity, was also involved in an analysis of the Abhaile scheme, which provides a range of services to help people in mortgage arrears.
It is jointly operated by a number of agencies including the Money Advice and Budgeting Service, Legal Aid Board, Citizens Information Board and the ISI.
A representative sample from the Abhaile exercise found of those borrowers who availed of a Personal Insolvency Arrangement (PIA), 95% had terms which saw them remain in their family home.
While 44.3% of the borrowers had a reduction in their mortgage debt through a write-down of the principal.
The average write-down was €158,174.
"While media reports have focused on individuals with very large debt positions, our statistics show that the vast majority of people who avail of our solutions have relatively modest levels of unsustainable debt," said Mr McNaughton.
Over the course of the year, 1,226 vouchers were issued by the ISI to borrowers for a free consultation with a Personal Insolvency Practitioner (PIP), up 1.9% on 2021.
While PIPs who completed borrower consultations redeemed 972 vouchers, an increase of 2.75%.
In total, 13,639 vouchers have been redeemed by PIPs since the Abhaile scheme began in 2016, with the total value of the debt for these vouchers amounting to €6.49 billion, €3.995
billion of which was mortgage debt.
Total negative equity came to €778m, with 76% of the borrowers who engaged in arrears for over two years.
Nearly three quarters were recommended a formal solution, 14% were recommended an alternative informal solution, 4% were recommended the Mortgage to Rent Scheme and 3% were recommended bankruptcy.
During the year, the ISI also launched an enhanced backontrack.ie website which aims to makes it easier for a person in financial difficulty to identify the solution that is right for them and connect with the right person to help them.
