New bankruptcy laws come into force later today.
Justice Minister Alan Shatter is set to sign the commencement order around midday.
Under the new regime the time taken to exit bankruptcy will fall from 12 years at present to three.
There will also be a further two year period where the bankruptcy assignee can take half of a person's income to repay creditors.
The cost of seeking bankruptcy will be cut in half by removing the need to place an ad in a paper - meaning the cost will be the 650 euro court fees and 100 euro stamp duty.
Business Journalist Ian Guider explains