Can a credit card company take your home and your wages in New Jersey?

Answer

When a creditor wins a lawsuit they can enforce a writ of judgment which can be wage garnishment. Wage garnishment may not exceed 10% of the gross salary of the defendant,the first $154.50(based on being paid weekly) is exempt under federal law. NJ allows the choice of federal or state exemption concerning homestead exemptions. The federal exemption being more beneficial for the debtor. The exemption is $18,450 and may be doubled for married couples. There are other exemptions which can protect specific amounts and items of real and personal prop. Some states allow the forced sale of a home that is not covered by the homestead exemption. However this is rarely done when it pertains to the primary residence.If you feel I can be of further assistance please email me macky83@juno.com

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