The number of people who will be declared bankrupt in Ireland this year will at least double, according to the head of the State's bankruptcy office.

In an exclusive podcast interview with The Irish Times, Chris Lehane, the official assignee in bankruptcy, said there were 448 cases of people being adjudicated bankrupt in 2014 and this would "easily" double this year given that his office is receiving between 20 and 30 applications a week.

“We expect roughly a thousand [cases],” he said. “If you look at the number of people who are in mortgage arrears, there’s so many who haven’t engaged [with their banks]...that it will absolutely force people to follow through on their options.”

The bankruptcy regime changed in late 2013, with the term served reduced from 12 to three years to encourage more cases following the economy crashed.

Bankruptcy has also become more affordable since the turn of the year with the costs reduced from €1,500 previously to just €270 now.

David Hall, chief executive of the Irish Mortgage Holders Organisation, said it has 168 clients "in a queue for bankruptcy at the moment" and he expects this number to grow significantly as the year progresses, especially as fees have been reduced.

“€270 is exceptionally reasonable for what is a major life event,” he said. “Our hope for 2015 is that people take their head out of the sand and look at the options that are there. Bankruptcy is the nuclear option...our advice is be prepared to pull the trigger if you’re going to threaten it with your creditors.”

The IMHO assisted about one-quarter of the bankruptcy cases here in 2014.

Mr Lehane has the power to extend the period of bankruptcy from three to eight years in certain cases.

“There are certain individuals that have shown such contempt for my office and I’ve ... threatened that there will be applications for extensions going through the courts in the next couple of months,” he said, adding that there are two such cases currently in the pipeline.

Mr Lehane has the power to seize jewellery or essential assets above a €6,000 threshold but “I’ve never taken a wedding ring”. He estimates that about half of bankruptcies will involve the loss of a family home.

Separately, it is understood that the Central Bank of Ireland is reviewing the targets set in 2013 for banks to deal with their mortgage arrears in an initiative being driven by Taoiseach Enda Kenny.