Almost 800 people will be debt free from today.
They are the first group to qualify for new faster bankruptcy proceedings.
The Insolvency Service of Ireland says from today the 793 people will be able to start again without the burden of unsustainable debt.
ISI has also unveiled a new scheme for people struggling with mortgage repayments. Under the new rules people who can't meet their monthly repayments will have free access to insolvency experts.
Helen Vaughan reports:
