NJ S2108

Creates a homestead exemption protecting home equity from debt collection, set at the greater of the county's median single-family home sale price (capped at $600,000) or $300,000; owners aged 60+ or with qualifying disabilities receive double the county median amount.

Protects $10,000 in individual bank accounts ($15,000 for joint accounts) from garnishment, with automatic exemption requiring no claim by the debtor.

Increases the exemption for household goods and personal property from $1,000 to $15,000, excluding wearing apparel which remains fully exempt.

Extends homestead protection to cash proceeds from home sales for 18 months or until a new homestead is purchased, whichever is shorter.

Exemption amounts will automatically adjust every three years based on the Consumer Price Index for the Mid-Atlantic Region, with the Department of Banking and Insurance publishing updated figures.