Mick Wallace has been given time to engage with his bank and see if his family home can be saved.
A petition to have the Wexford TD declared bankrupt was made to the High Court last month by an Irish subsidiary of Cerberus.
Cerberus came to public attention last year when Deputy Wallace made allegations under privilege in relation to NAMA’s sale of a Northern Ireland loan book.
The bankruptcy application was made after he failed to repay a two million euro loan assigned to Promontoria Limited by Ulster Bank.
The High Court was also told today that he’s seeking possible alternatives to bankruptcy and his case was adjourned until later this month.