Establishes homestead exemption against forced sale for certain persons in debt.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill creates a homestead exemption in New Jersey, protecting certain homeowners facing debt from having their property seized through forced sales. It allows homeowners to exempt up to $250,000 of their home’s equity from judgments, with an additional $250,000 exemption available for married homeowners. The exemption is automatic and doesn’t require registration, but can be abandoned through various actions like transferring the property or moving out of the state. This aims to provide a safety net for homeowners struggling with debt.
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