Four people are going bankrupt every day in Northern Ireland.
The figures were revealed to the assembly by the Enterprise Minister Arlene Foster.
People facing financial difficulties will have to pay out more in administration fees from next month.
They are rising by more than 50% from next month. The total cost of bankruptcy will then be close to £700.
Ms Foster explained the rising costs.
“It increases the official receivers case administration fee for the performance of his duties on the making of a bankruptcy order from £925 to £1,050,” she said.
“The amount payment is increased from £462.50 to £525.
“It brings up to date the nature and level of fees to be applied by the Northern Ireland insolvency service to bring them into line with actual costs.”
Robin Hamilton from Advice for Debt NI, said the higher costs would mean people would have to wait longer before they could apply to become bankrupt.
“The fee up until the end of January was £345 for the insolvency service and £115 to the court, that in itself was difficult for an individual whose household may already be running at a deficit,” he said.
“For them to try and have to find more, well that’s just going to increase the period of time before they can actually pay their fee to the insolvency service and the courts and log their forms to eventually get their bankruptcy hearing.”
*figures from bbb.co.uk*