I have recently been told that the ISI will consider keeping a home out of bankruptcy proceedings if it is in negataive equity and arrangements have been made with the bank for that particular mortgage.
True.
Just found an answer to my own question. I hope it helps others.
I'm not allowed post the links here because I have only posted 8 times, even if though I am a member for the last 6 years.
Copy and paste this to your browser with www in front of it
isi.gov.ie/en/ISI/Pages/WP13000218