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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