New Mexico Bankruptcy Exemptions
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Written by
Jeffrey Johnson
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UPDATED: Nov 13, 2020
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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 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 | |