The references to New Mexico statutes are to the New Mexico Statutes Annotated.
| New
Mexico Bankruptcy Exemptions |
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| Assets |
Exemption |
State Statute |
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| Homestead |
Homestead: up to $30,000. |
42-10-9 |
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| Insurance |
Life, accident, health, or annuity benefits/withdrawal/cash
value: all if beneficiary is a New Mexico resident. |
42-10-3 |
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Benefits from a benevolent association: up to $5,000. |
42-10-4 |
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Life insurance proceeds: all. |
42-10-5 |
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Benefits from a fraternal benefit society: all. |
59A-44-18 |
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| Miscellaneous |
Interest in unincorporated association: all ownership
interests. |
53-10-2 |
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Property belonging to a business partnership: all. |
54-1A-501 |
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| Pensions |
Federal pension exemptions. |
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Public school employee pensions: all. |
22-11-42A |
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Retirement benefits and pensions: all. |
42-10-1; 42-10-2 |
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| Personal Property |
Furniture and books: all. |
42-10-1; 42-10-2 |
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Medical-health equipment: all. |
42-10-1; 42-10-2 |
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Jewelry: up to $2,500. |
42-10-1; 42-10-2 |
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Motor vehicle: up to $4,000. |
42-10-1; 42-10-2 |
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Clothing: all. |
42-10-1; 42-10-2 |
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Building materials: all. |
48-2-15 |
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Shares in a cooperative association: minimum amount necessary
for membership. |
53-4-28 |
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Machinery, tools, and materials necessary to drill, complete,
operate, or repair an oil line, gas well, or pipeline. |
70-4-12 |
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| Public Benefits |
General assistance benefits: all. |
27-2-21 |
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Crime victims' compensation benefits: all. |
31-22-15 |
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Unemployment compensation benefits: all. |
51-1-37 |
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Workers' compensation benefits: all. |
52-1-52 |
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Occupational disease disablement benefits: all. |
52-2-37 |
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| Tools of Your Trade |
Tools of trade: up to $1,500. |
42-10-1; 42-10-2 |
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| 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 |
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| Wildcard |
Any personal property: up to $500. |
42-10-1 |
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Any real or personal property: up to $2,000 of unused
homestead exemption. |
42-10-10 |
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