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.
| ASSET | EXEMPTION | LAW |
|---|---|---|
| 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 | |
| Clothing | 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.
Back to all State Bankruptcy Exemptions
Go to Complete State of New Mexico bankruptcy exemptions laws.
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New Mexico Bankruptcy Court links :
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