Lawyers for Independent TD Mick Wallace have told the High Court he is trying to save his family home and is looking at possible alternatives to bankruptcy.
An Irish subsidiary of US fund Cerberus asked the court last month to make Mr Wallace bankrupt over a debt of around €2 million.
Earlier this year, the subsidiary, Promontoria (Aran) Limited was granted orders directing Mr Wallace to repay €2m in loans given by Ulster Bank to his company M&J Wallace Limited in 2009.
Mr Wallace had guaranteed the loans.
This morning, lawyers for Mr Wallace told the court they were looking at alternatives to bankruptcy.
Barrister Keith Farry said a personal insolvency practitioner (PIP) had written to Allied Irish Banks and was trying to engage with AIB to see if the family home could be retained.
He said they were hopeful a response would be available from AIB shortly. He said the PIP would also be sending a letter to the fund.
Mr Farry said he would have a letter from the PIP indicating AIB's response and any response from the petitioning creditor as well as a statement of Mr Wallace's affairs by 19 December.
Ms Justice Caroline Costello adjourned the case until then.
The law disqualifying a bankrupt from being a member of the Dáil was abolished in 2014 so his bankruptcy will have no effect on Mr Wallace's Dáil seat.
Promontoria is owned by Cerberus, the fund which was at the centre of allegations made by Mr Wallace in the Dáil in relation to the acquisition of NAMA's €5.7 billion Northern Ireland portfolio.
ACC bank was previously granted summary judgment against Mr Wallace for €20m in 2011.
Mr Wallace's lawyers told the High Court in January that there was "nothing" to execute the judgment against.
