NEW MEXICO BANKRUPTCY EXEMPTION LIST - CODE

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Remember, you may use Federal Exemptions; however, you cannot mix and match exemptions from the federal bankruptcy code and state law. You must choose one system or the other!

The following is a summary of the New Mexico exemptions that can be claimed (used) to exempt both your real and personal property in a bankruptcy petition. New Mexico residents may use either the New Mexico exemptions or the Federal exemptions; however, if your residence has not been continuously in the state of New Mexico for the two years prior to filing a bankruptcy petition, there are laws as whether you are able use the state versus federal exemptions.

Exempt property of a debtor is property of the debtor that is not available to be used (sold) to pay his/her unsecured creditors and is not subject to the claims of unsecured creditors, but may be subject to the rights of secured creditors and lien holders. When reviewing the list for exemptions for your own property you should be aware that there may not be a "matching" exemption. Some state exemptions contain a "wildcard" which can be used if a matching exemption cannot be found in the list of exemptions. Also, an individual must own an interest in the property to claim the property as exempt.

The debtor may exempt the equity (value of property less the total amount owed against it) however; any equity value in the property above the exemption amount may be subject to the claims of unsecured creditors.

By way of example, if you own a home worth $250,000 and owe a total of $200,000 against it (combining all mortgage/home equity lines of credit and/or liens against the property) the amount of equity you would need to protect is $50,000. So long as the homestead exemption is more than $50,000 the full amount of the equity is exempt and not subject to the claims of your unsecured creditors. In the alternative, say the home is worth $250,000 and you only owe $100,000 against it, anything over the exemption amount is subject to the claims of the unsecured creditors.

The same type example would apply to a motor vehicle, though the exemption for a motor vehicle is less than the amount of the exemption for a home.

Please note that all of the exemptions may be doubled if a married couple is filing, with the exception of the homestead exemption.

Justia US Laws - New Mexico Code
New Mexico Bankruptcy Court
Description LAW Max
Individual
Amount
Max
Joint Amount
Any Personal Property (Married/Head Of Household) NMS § 42-10-1 $500.00 $1,000.00
Benevolent association benefits NMS § 42-10-4 $5,000.00 $10,000.00
Certain Building Materials NMS §48-2-15 UNLIMITED
Clothing, Furniture, Books Etc. NMS §§ 42-10-1, 2 UNLIMITED
Crime Victims Reparation Awards NMS § 31-22-15 UNLIMITED
Disposable Earnings NMS § 35-12-7 UNLIMITED
Escrow Accounts - Construction Contracts -§Retainage Act.§ NMS § 57-28-6 UNLIMITED
Escrow Or Trust Fund Monies NMS § 58-22-21 UNLIMITED
Exemption In Lieu Of Homestead NMS § 42-10-10 $5,000.00 $10,000.00
Fraternal Benefit Society NMS § 59A-44-18 UNLIMITED
Health Aids NMS §42-10-1 UNLIMITED
Health/Accident Insurance Payments NMS § 42-10-3 UNLIMITED
Homestead NMS § 42-10-9 $60,000.00 $120,000.00
Items For Digging Or Oper. Oil, Gas Well NMS § 70-4-12 UNLIMITED
Jewelry NMS § 42-10-1, 2 $2,500.00 $5,000.00
Life Insurance - Cash Surrender NMS § 42-10-3 UNLIMITED
Life Insurance Proceeds NMS § 42-10-5 UNLIMITED
Membership Holdings In Coop. Association NMS § 53-4-28 UNLIMITED
Minimum Holdings In Cooperative Association NMS § 53-4-28 UNLIMITED
Motor Vehicle NMS § 42-10-1, 2 $4,000.00 $8,000.00
Motor Vehicle Financial Responsibility Deposits NMS § 66-5-227 UNLIMITED
Occupational Disease Disability Comp. NMS § 52-3-37 UNLIMITED
Pension Benefits - State Police NMS § 29-4-10 UNLIMITED
Pension, Retirement Benefits NMS §§42-10-1, 42-10-2 UNLIMITED
Personal Property Other Than Money- No Dependents NMS § 42-10-2 $500.00 $1,000.00
Public Assistance Payments NMS § 27-2-21 UNLIMITED
Real Estate Brokers§ Minimum Balance Bank Deposits NMS § 61-29-12 UNLIMITED
Retirement Benefits - Educational NMS § 22-11-42 UNLIMITED
Retirement Benefits - Public Employees NMS § 10-11-135 UNLIMITED
Specific Partnership Property NMS §54-1-25 UNLIMITED
Tools Of Trade - Books, Equipment NMS § 42-10-1, 2 $1,500.00 $3,000.00
Unemployment Compensation NMS § 51-1-37, 52-3-37 UNLIMITED
Workmen's Compensation Benefits NMS § 52-1-52 UNLIMITED

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Full Document Preparation Service ranging from $75.00 - $199.00

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Disclaimer

Citations and links to primary law and secondary sources are provided for those who wish to do further research. Every effort has been made to make this information up to date and accurate, but laws can and do change without notice. Persons relying on this information are responsible for confirming its timeliness and accuracy before relying on it. Also, bear in mind, that these brief summaries do not list every detail or exception to these exemptions. For example, there are often exceptions for collection of child support debt and/or taxes. These listings are designed to inform you of laws that exist for your benefit, so that you may exercise what rights you may have. Finally, this website is intended to provide information only. It cannot answer whether your property does or does not qualify for a specific exemption.