New Mexico Bankruptcy Exemptions

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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