New Mexico Bankruptcy Exemptions

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The Essential New Mexico Bankruptcy Information Guide

New Mexico Bankruptcy Exemptions

BANKRUPTCY FEDERAL EXEMPTIONS ARE AVAILABLE.
All law references are to New Mexico Bankruptcy Code.

All property of the debtor at the time of the filing for bankruptcy (and certain other property to be received in the future) becomes the property of the bankruptcy estate once bankruptcy is filed. This means that the bankruptcy trustee will take control of this property for purposes of satisfying the creditors. HOWEVER, there is certain property which is either excluded or exempt which the debtor will be able to keep. Property or asset exemption are determined based upon your specific situation, personal income and the individual laws of your state.

The best way to determine which property you will be entitled to keep requires a detailed analysis of your unique and personal situation. Although the following Federal and State Bankruptcy Asset Exemption is provided for your information, we highly recommend Finding a Good Bankruptcy Attorney to help guide you through the Bankruptcy Process.

New Mexico Bankruptcy Exemptions

All law references are to New Mexico Bankruptcy Code.

ASSET	EXEMPTION DESCRIPTION	LAW SECTION
HOMESTEAD	$30,000	42-10-9
INSURANCE	Benevolent association benefits to $5000	42-10-4
	Fraternal benefit society benefits	59A-44-18
	Life, accident, health or annuity benefits, withdrawal or cash value, if beneficiary is a New Mexico citizen	42-10-3
	Life insurance proceeds.	42-10-5
MISCELLANEOUS	Ownership interest in unincorporated association	53-10-2
MISCELLANEOUS	Property of business partnership	54-1A-501
PENSIONS	Pension or retirement benefits	42-10-1, 42-10-2
	Public school employees	22-11-42
	Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.	11 U.S.C. § 522
PERSONAL PROPERTY	Books, health equipment & furniture	42-10-1
	Building materials	48-2-15
	Clothing	42-10-1
	Cooperative association shares, minimum amount needed to be member	53-4-28
	Jewelry to $2500	42-10-1, 42-10-2
	Materials, tools & machinery to dig, torpedo, drill, complete, operate or repair oil line, gas well or pipeline	70-4-12
	Motor vehicle to $4000	42-10-1, 42-10-2
	$2,000 of any property, in lieu of homestead.	42-10-10
	$500 of any property.	42-10-1
PUBLIC BENEFITS	AFDC, general assistance	27-2-21
	Crime victims’ compensation	31-22-15
	Occupational disease disablement benefits	52-3-37
	Unemployment compensation	51-1-37
	Workers’ compensation	52-1-52
TOOLS OF TRADE	$1500	42-10-1, 42-10-2
WAGES	The greater of the following: 40 times the federal hourly minimum wage or minimum of 75% of disposable earnings. Judge may approve more for low income debtors.	35-12-7

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