S.2108

New Jersey S2108 establishes homestead and bank account exemptions for debtors and increases household goods exemption amounts.

New Jersey S2108 establishes homestead and bank account exemptions for debtors, protecting up to $10,000 in cash or $15,000 in a joint account from seizure. The bill also increases the exemption amount for household goods from $1,000 to $15,000. The homestead exemption amount is determined by the median sale price of a single-family home in the county or $300,000, whichever is less. If the debtor or a dependent is 60 years or older, or physically or mentally disabled and unable to engage in substantial gainful employment, the exemption doubles.