New Jersey does not provide homeowners with a specific homestead exemption. That means that unsecured creditors can be paid with almost all of the equity in a homeowner’s home. That may make it difficult for a New Jersey homeowner to keep his or her home during a bankruptcy. However, it is possible for a New Jersey homeowner to keep his or her home if he or she is able to make monthly mortgage payments and if the plan adopted by the bankruptcy court satisfies the claims of the unsecured creditors with other assets of the homeowner.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure attorney to discuss your specific legal situation.