Increases debt execution exemption amounts for household goods, establishes for persons in debt homestead, bank account, and disposable earnings exemptions, and caps medical debt interest rate.

This New Jersey bill (A-1020) increases protections for debtors facing collection actions. It raises the exemption for household goods from $1,000 to $15,000 (or $25,000 for those with physical disabilities), protects $5,000 in bank accounts, and limits wage garnishment to 10% of disposable earnings (or 60x minimum wage, whichever is lower). It also establishes a $400,000 homestead exemption for primary residences (adjusted annually for inflation) and caps medical debt interest rates at either 3% or the weekly Treasury yield. These changes directly affect New Jersey residents with debt, particularly those with medical bills, primary residences, or low income facing wage garnishment or asset seizure.