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The conspicuous absence of a New Jersey homestead exemption law
remains as an oddity among state laws. Most states consider shelter as a
primary requirement for survival, and as a result, do not allow general
creditors to execute judgments against personal and family dwellings
according to a specific value allowance. Approximately eight states do
not limit equity value.
Is there a New Jersey Homestead Exemption Act planned in the future?
Doubtful, yet state residents who file bankruptcy may claim the
alternate federal home exemption in the amount of $18,500 fair market
value of equity. The federal exemptions under Section 522 of the Code
permit the unused portion of the homestead exemption to be used as a
wild card in limited circumstances.
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