New Mexico State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain
types of your property from your creditors when you file bankruptcy-such as
your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other
important property. New Mexico law provides a number of exemptions that protect
your property, and your attorney will be able to advise you on which exemptions
are best for you.
Homestead
$30,000 homestead exemption.
Wages
75 percent of earnings.
Automobiles
One motor vehicle in the amount of $4,000.
Other Property
Personal property in the amount of $500; tools of the trade in the amount
of $1,500; jewelry in the amount of $2,500; clothing, furniture,
books, medical-health equipment and any interest in or proceeds from a pension
or retirement fund. Also, individuals who cannot claim a homestead exemption
have an additional "wild card" exemption of $2,000.
Note: Exemptions may have changed since our last update.
» Read the complete New Mexico
bankruptcy exemptions here
» Click Here to read the Federal bankruptcy
exemptions.
» Back to Bankruptcy Laws In Your State