S.4584

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 or couples to exempt their primary residence from attachment, execution, and forced sale in bankruptcy. The exemption amounts vary based on the owner's age and marital status, ranging from $250,000 to $1,000,000. The exemption amounts will be adjusted triennially based on the Consumer Price Index. The exemption does not apply to real property subject to common interest associations or claims involving fraud or fiduciary misconduct.