New Jersey S1746 establishes homestead and bank account exemptions for debtors and increases household goods exemptions.
New Jersey S1746 establishes homestead and bank account exemptions for persons in debt. It allows an owner to exempt an interest in a homestead from attachment, execution, and forced sale in an amount that is the greater of the median sale price for a single-family home in the county or $300,000. The bill also provides for an exemption from garnishment of up to $10,000 for cash held in a deposit account or other account of the debtor, or up to $15,000 if the cash amount is held in a joint account.
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