New Mexico Bankruptcy Exemption List
Considering Bankruptcy? Price Law Group Can Help.
Under New Mexico bankruptcy law you can use the exemptions found in the
U.S. bankruptcy code (11 U.S.C. § 522(d)) or the exemptions provided under New Mexico bankruptcy law.
What is Exempt Property?
Exempt property is the property that can not be claimed by unsecured creditors.
You must own an interest in the property to claim it as exempt and not
all of your property may be covered by a matching exemption listed. The
goal of exemptions is to allow the bankruptcy filer to maintain enough
resources to establish a fresh financial standing after declaring bankruptcy.
Federal Exemptions vs. State Exemptions
New Mexico bankruptcy law does not allow you to mix and match from the
two lists. You must choose either the federal exemption list or the state
exemption list. If you choose the New Mexico State law exemptions, there
are several United States exemptions that do exist outside the federal
bankruptcy code. Where these exemptions are concerned, you can use them
in addition to your state law exemptions. The most important non-bankruptcy
exemptions are wages, social security benefits, civil service benefits,
and veteran’s benefits.
The table below summarizes the New Mexico State exemptions that can be
claimed for real and personal property. These exemptions are filed in
the bankruptcy petition. There may be rules about which exemptions that
may be used if you have not lived in New Mexico for the two previous years
before you filed bankruptcy.
Call Our New Mexico Bankruptcy Lawyers at (866)210-1722
It is important to discuss all exemptions with a New Mexico
bankruptcy attorney from
Price Law Group prior to filing bankruptcy. This list is not exhaustive and is just a
general description of allowable exemptions.
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Remember: Certain debts such as mortgages, deeds of trust or tax liens will not be
wiped out by bankruptcy. The lender will have the right to
foreclose on you if you fail to pay your certain debt obligations.
Considering bankruptcy? Contact Price Law Group
online or call (866)210-1722 for a free consultation. We serve clients nationwide
and our bankruptcy attorneys are backed by years of experience! Call today.
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| Exemptions |
Exemption Amount |
Statutes |
| Homestead |
$30,000(single)/$60,000 (Joint) |
42-10-9 |
| If the debtor does not own a homestead, he may claim exemptions, in addition
to other exemptions, of real or personal property in the sum of $2,000
in lieu of the homestead exemption. |
$2,000 (Single)/$4,000 (Joint) |
42-10-10 |
| Tools of the trade |
$1,500/$3,000 |
42-10-1,2 |
|
One motor vehicle
|
$4,000/$8,000 |
42-10-1, 2 |
| Personal Property |
$500 (Single)/$1,000 (Joint)
|
42-10-1, 2
|
| Jewelry |
$2,500 (Single)/$5,000 (Joint) |
42-10-1, 2 |
| Benevolent association death benefits |
$5,000/$10,000 |
42-10-4 |
|
Life, accident, health insurance benefits or annuities
Funds in escrow for payment of construction contractor
Ownership interest in unincorporated
association
Life insurance proceeds
Property of business partnership
Proceeds from pension/retirement fund
Retirement benefits - educational Retirement benefits – public employees
|
|
42-10-3
57-28-6
53-10-2
42-10-5
54-1-25
42-10-1, 2
22-11-42
10-11-135; 10-11-136
|
|
Wage Garnishment Exemption
Minimum 75% of disposable earnings or 40 times the federal hourly minimum
wage, whichever is more; bankruptcy judge may authorize more for low-income debtors
|
|
N.M. Stat. Ann. § 35-12-7
|
|
Wage Garnishment Exemption
Pensions – judges
Pensions – magistrates
Public Assistance
State police pension
Clothing, books, health equipment and
furniture
Construction materials
Cooperative association shares
Minimum amount
needed to be a
member
Oil/gas well materials subject to lien
Motor vehicle
Crime victims compensation
Occupational disease disablement
benefits
Unemployment compensation
Workers compensation
|
Minimum is seventy five percent of disposable earnings or 40 times the
federal hourly minimum wage, whichever one is more.
|
N.M. Stat. Ann. § 35-12-7
10-12-18
10-12A-12
27-2-21
29-4-10
42-10-1, 2
48-2-15
53-4-28
70-4-12
42-10-1, 2
31-22-15
52-3-37
51-1-37
52-1-52
|