New Mexico Bankruptcy Exemptions

This list of exemptions updated January 2009. All law references are to New Mexico Statutes unless otherwise noted. Federal Bankruptcy Exemptions are allowed in New Mexico.

Homestead

42-10-9 - $60,000.

Personal Property

42-10-1 - Motor vehicle up to $4,000; clothing; books; furniture; health aids; jewelry up to $2,500; and $500 of any property.

42-10-10 - $5,000 of any property, in lieu of homestead.

48-2-15 - Building materials.

53-4-28 - Minimum amount of shares needed for membership in cooperative association.

70-4-12 - Tools, machinery and materials needed to dig, drill, torpedo, complete, operate or repair an oil line, gas well or pipeline.

Wages

35-12-7 - The greater of the following: 40 times the federal hourly minimum wage or minimum of 75% of disposable earnings. Judge may approve more for low income debtors.

Pensions

11 U.S.C. § 522 - Tax exempt retirement accounts; Traditional and Roth IRAs up to $1,095,000 per person.

22-11-42 - Public school employees.

42-10-1 & 42-10-2 - Pension or retirement benefits.

Public Benefits

27-2-21 - General assistance.

31-22-15 - Crime victims' compensation.

51-1-37 - Unemployment compensation.

52-1-52 - Workers' compensation.

52-3-37 - Occupational disease disablement benefits.

Tools of Trade

42-10-1 & 42-10-2 - $1,500.

Insurance

42-10-3 - Life, accident, health or annuity benefits or cash value, if beneficiary is a citizen of New Mexico.

42-10-4 - Benevolent association benefits up to $5,000.

42-10-5 - Life insurance proceeds.

59A-44-18 - Fraternal benefit society benefits.

Miscellaneous

53-10-2 - Ownership in an unincorporated association.

54-1A-501 - Business partnership property.

Other - Add any applicable Federal Nonbankruptcy Exemptions

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