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New Mexico Bankruptcy Exemptions

UPDATED: February 14, 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

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