A5377

Establishes homestead exemptions for persons in debt in New Jersey.

This bill establishes homestead exemptions for persons in debt in New Jersey. It allows individuals and couples to exempt a certain amount of their primary residence from attachment, execution, and forced sale in the event of bankruptcy. The exemption amount varies based on the owner's age and marital status. The bill also defines "homestead" to include dwelling houses, condominium units, and manufactured homes. The exemption does not apply to real property subject to a community association with respect to unpaid assessments and charges.