New Mexico State Bankruptcy Exemptions
The chart below contains a summary of New Mexico state bankruptcy exemptions and other relevant statutory laws.
Click here for complete State of New Mexico bankruptcy exemptions laws.
Note: Federal bankruptcy exemptions are available.
Click here for Federal Bankruptcy Exemptions
Personal exemptions allowed by New Mexico Bankruptcy Laws
Note: Under the 2005 bankruptcy law, almost all types of tax-exempt retirement accounts are exempt in bankruptcy whether state or Federal exemptions are used. Exemptions for 401(k)s, 403(b)s, profit-sharing and money purchase plans, and defined benefit plans include the entire account amounts. However, with traditional and Roth IRAs, the exemption is limited to a total value of $1,171,650 per person for all accounts held by the debtor (not per account). The total value amount is adjusted every three years for inflation. The relevant statutes: 11 U.S.C. §522(d)(12) for Federal bankruptcy exemptions; 11 U.S.C. §522(b)(3)(C) for state bankruptcy exemptions.
|New Mexico Homestead||Up to $60,000||42-10-9|
|Wages||Minimum 75% of disposable earnings or 40 times the Federal minimum hourly wage (whichever is greater). Bankruptcy judge may authorize more for low-income debtors||35-12-7|
|Automobile||Up to $4,000||42-10-1; 42-10-2|
|Other property||Life insurance proceeds||42-10-5|
|Books and furniture||42-10-1; 42-10-2|
|Health aids||42-10-1; 42-10-2|
|Tools of trade to $1,500||42-10-1; 42-10-2|
|Wildcard||$500 of any personal property||42-10-1|
|$5,000 of any real or personal property, in lieu of homestead||42-10-10|
Note: While this reference information is current as of August 2010, it may not reflect the most up-to-date exemption figures on official state of New Hampshire bankruptcy court statutes.