Many a times, we come across cases where alternatives are sought before filing for a bankruptcy.
Pennsylvania Bankruptcy Laws provides a diverse array of options.
The guidelines framing the usefulness and availability of these alternatives take certain factors into account.
They include the type of employment and the nature of income.
The types of consolidation alternatives of debt consolidation processes include two types.
In the first alternative, debt is secured through equity and in the other, it is not.
There is chance to not to lose your valuable home using the Pennsylvania Bankruptcy Laws.
Exemptions under Pennsylvania Bankruptcy Laws
- Property held as tenancy to be used for homestead exemption
- Accident/disability benefits
- Group life proceeds
- Life insurance proceeds
- Personal property like clothing, bibles, sewing machines
(There are various other exemptions, kindly consult your lawyer)