New Mexico Bankruptcy Exemptions

On this page you can find all of the exemptions for New Mexico. Exemptions are the property that you can keep when you file bankruptcy.

CATEGORY
PROPERTY
AMOUNT
STATUTE
Homestead
Homestead of any person
$60,000
N.M. Stat. Ann. § 42-10-9
Homestead
Exemption in lieu of homestead (maybe any real or personal property)
$5000 (exemption may be claimed only by debtor who does not claim homestead exemption)
N.M. Stat. Ann. § 42-10-10
Motor Vehicle
1 motor vehicle
$4,000 *
N.M. Stat. Ann. § 42-10-1, 2
Wages / Wage Garnishment
Disposable earnings (earnings less deductions required by law)
75% OR 40 times the federal minimum hourly wage per week, WHICHEVER IS GREATER
N.M. Stat. Ann. § 35-12-7
Insurance
Fraternal benefit society benefits
100%
N.M. Stat. Ann. § 59A-44-18
Insurance
Proceeds of life insurance policies
100%
N.M. Stat. Ann. § 42-10-5
Insurance
Cash surrender value of life insurance policy, withdrawal value of annuity contract, deposit with life insurance company, proceeds of life, accident or health insurance policies and annuity contracts
100% (applies to citizens and residents of state)
N.M. Stat. Ann. § 42-10-3
Insurance
Death benefits from benevolent associations
$5,000
N.M. Stat. Ann. § 42-10-4
Personal Property
Membership holdings in cooperative associations
Minimum amount required for membership
N.M. Stat. Ann. § 53-4-28
Personal Property
Personal property other than money
$500 * (applies only to debtor who supports only himself)
N.M. Stat. Ann. § 42-10-2
Personal Property
Jewelry
$2,500 *
N.M. Stat. Ann. § 42-10-1, 2
Personal Property
Clothing, furniture, books, personally-used medical health equipment and interests in and proceeds from pension or retirement funds
100% *
N.M. Stat. Ann. §§ 42-10-1, 2
Personal Property
Personal property of any land, including money
$500 * (applies only to married persons or heads of households)
N.M. Stat. Ann. § 42-10-1
Personal Property
Materials used in construction
100%
N.M. Stat. Ann. § 48-2-15
Personal Property
Materials purchased for digging or operating an oil or gas well that are subject to a materialman’s lien
100%
N.M. Stat. Ann. § 70-4-12
Pensions / Retirement Accounts
Pensions-magistrates
100%
N.M. Stat. Ann. § 10-12C-7
Pensions / Retirement Accounts
Pensions-judges
100%
N.M. Stat. Ann. § 10-12B-7
Pensions / Retirement Accounts
State police pension benefits
100%
N.M. Stat. Ann. § 29-4-10
Pensions / Retirement Accounts
Educational retirement benefits and contributions
100% (except child support)
N.M. Stat. Ann. § 22-11-42
Pensions / Retirement Accounts
Public employees retirement funds and benefits
100% (except child support)
N.M. Stat. Ann. § 10-11-135
Tools of the Trade
Tools of trade
$1,500 *
N.M. Stat. Ann. § 42-10-1, 2
Public Benefits
Crime victim’s reparation awards
100%
N.M. Stat. Ann. § 31-22-15
Public Benefits
Public assistance payments
100%
N.M. Stat. Ann. § 27-2-21
Public Benefits
Unemployment compensation
100% (support claims excepted)
N.M. Stat. Ann. § 51-1-37
Public Benefits
Workmen's compensation benefits
100% (support claims excepted)
N.M. Stat. Ann. § 52-1-52
Public Benefits
Disability benefits
100%
N.M. Stat. Ann. § 52-3-37
Miscellaneous
Ownership in an unincorporated association
100%
N.M. Stat. Ann. § 53-10-2
Miscellaneous
Surplus when value of personal property used as security under U.C.C. exceeds amount of debt
100%
N.M. Stat. Ann. § 42-10-6
Miscellaneous
Community property
See statute for limitations
N.M. Stat. Ann. § 40-3-10
Miscellaneous
Specific partnership property
100% of partner's interest
N.M. Stat. Ann. § 54-1A-307
Miscellaneous
Property covered by assignment for benefit of creditors
100%
N.M. Stat. Ann. § 56-9-46
Miscellaneous
Beneficiaries' interest in spendthrift trusts
100%
N.M. Stat. Ann. § 42-9-4

If you want to learn more about filing bankruptcy in New Mexico please visit our FAQ Page or for more information about New Mexico you can visit the New Mexico section.