The Independents4Change TD has hired a personal insolvency practitioner to write to AIB to see if the family home can be retained.
He is also in the process of drafting a statement of affairs, which will be given to the court later this month.
The heavily indebted Wexford politician is expected to fight efforts by vulture fund Cerberus to have him declared bankrupt.
A bankruptcy petition was filed last month by one of its Irish subsidiaries Promontoria (Aran) Ltd.
Mr Wallace has been the foremost critic of the deal through which Cerberus bought Namas Northern Ireland loans portfolio Project Eagle.
The fund also bought loans the TD had with Ulster Bank.
It subsequently got a judgement against him for 2m.
When the matter came be…
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