The New Jersey Stipulation of Settlement With Exemption is a legal agreement between a debtor and a creditor that allows for the settlement of a debt with the creditor without the need for a full trial. It is a legally binding contract that outlines the debtor’s obligations and the creditor’s rights. Generally, the debtor agrees to pay a set amount of money over a period of time in order to resolve the debt. The agreement may also include a waiver of the debtor’s right to sue the creditor for any remaining balance or any other claims the debtor may have against the creditor. There are two types of New Jersey Stipulation of Settlement With Exemption: secured and unsecured. A secured Stipulation of Settlement With Exemption is one where the debtor agrees to use an asset that they own to secure the debt, such as a house or car. An unsecured Stipulation of Settlement With Exemption is one where the debtor agrees to pay the debt with no collateral. In either case, the agreement must be approved by the court before it is legally binding.