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...

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Written by

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 →

Reviewed by Jeffrey Johnson
Managing Editor & Insurance Lawyer

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 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