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 HomesteadUp to $60,00042-10-9
WagesMinimum 75% of disposable earnings or 40 times the Federal minimum hourly wage (whichever is greater). Bankruptcy judge may authorize more for low-income debtors35-12-7
AutomobileUp to $4,00042-10-1; 42-10-2
Other propertyLife insurance proceeds42-10-5
Books and furniture42-10-1; 42-10-2
Clothing42-10-1; 42-10-2
Health aids42-10-1; 42-10-2
Tools of trade to $1,50042-10-1; 42-10-2
Wildcard$500 of any personal property42-10-1
$5,000 of any real or personal property, in lieu of homestead42-10-10

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.
Go to Federal Bankruptcy Exemptions

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