New Mexico Bankruptcy Exemptions

Get Legal Help Today

 Secured with SHA-256 Encryption

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by

UPDATED: Jul 16, 2021

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

Federal bankruptcy exemptions available? YES

The references to New Mexico statutes are to the New Mexico Statutes Annotated.

Resources:

United States Bankruptcy Court, District of New Mexico

New Mexico Attorneys

New Mexico Bankruptcy Exemptions
Assets Exemption State Statute
Homestead Homestead: up to $60,000. 42-10-9
Insurance Life, accident, health, or annuity benefits/withdrawal/cash value: all if beneficiary is a New Mexico resident. 42-10-3
  Benefits from a benevolent association: up to $5,000. 42-10-4
  Life insurance proceeds: all. 42-10-5
  Benefits from a fraternal benefit society: all. 59A-44-18
Miscellaneous Interest in unincorporated association: all ownership interests. 53-10-2
  Property belonging to a business partnership: all. 54-1A-501
Pensions Federal pension exemptions.  
  Public school employee pensions: all. 22-11-42A
  Retirement benefits and pensions: all. 42-10-1; 42-10-2
Personal Property Furniture and books: all. 42-10-1; 42-10-2
  Medical-health equipment: all. 42-10-1; 42-10-2
  Jewelry: up to $2,500. 42-10-1; 42-10-2
  Motor vehicle: up to $4,000. 42-10-1; 42-10-2
  Clothing: all. 42-10-1; 42-10-2
  Building materials: all. 48-2-15
  Shares in a cooperative association: minimum amount necessary for membership. 53-4-28
  Machinery, tools, and materials necessary to drill, complete, operate, or repair an oil line, gas well, or pipeline. 70-4-12
Public Benefits General assistance benefits: all. 27-2-21
  Crime victims’ compensation benefits: all. 31-22-15
  Unemployment compensation benefits: all. 51-1-37
  Workers’ compensation benefits: all. 52-1-52
Tools of Your Trade Tools of trade: up to $1,500. 42-10-1; 42-10-2
Wages Wages: at least 75% of disposable earnings or 40 times the federal minimum hourly wage, whichever is greater. The bankruptcy judge may allow a larger exemption for low-income debtors. 35-12-7
Wildcard Any personal property: up to $500. 42-10-1
  Any real or personal property: up to $5,000 of unused homestead exemption. 42-10-10

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption