Establishes homestead exemption against forced sale for certain persons in debt in New Jersey.
The bill establishes a homestead exemption against forced sale for certain persons in debt in New Jersey. Owners of a homestead may exempt an interest in the homestead from attachment, execution, and forced sale issued on judgments obtained in any court of record in the State, up to $250,000 or $500,000 if the owner is married. The exemption amount is based on the equity value of the homestead. The exemption applies to a dwelling house and the land on which it is located, a condominium unit, a unit in a horizontal property regime, or a manufactured home.
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