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New Mexico State Bankruptcy Exemptions |
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New Mexico State Bankruptcy Exemptions |
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Federal
Bankruptcy Exemption are available. All law references are to New Mexico Statutes Annotated. |
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| ASSET | EXEMPTION | LAW PROVISION |
| Homestead | Married, widowed or supporting another may claim real property to $30,000 (joint owners may double) | 42-10-9 |
| Insurance |
Benevolent association benefits to $5000 Fraternal benefit society benefits Life, accident, health or annuity benefits, withdrawal or cash value, if beneficiary is a New Mexico citizen |
42-10-4 59A-44-18 42-10-3 |
| Miscellaneous |
Ownership interest in unincorporated association Property of business partnership |
53-10-3 54-1-25 |
| Pensions |
Pension
or retirement benefits Public school employees |
42-10-1,
42-10-2 22-11-42A |
| Personal Property |
Books,
health equipment & furniture Building materials Clothing Cooperative association shares, minimum amount needed to be member Jewelry to $2500 Materials, tools & machinery to dig, torpedo, drill, complete, operate or repair oil line, gas well or pipeline Motor vehicle to $4000 |
42-10-1,
42-10-2 48-2-15 42-10-1, 42-10-2 53-4-28 42-10-1, 42-10-2 70-4-12 42-10-1, 42-10-2 |
| Public Benefits |
AFDC,
general assistance Crime victims’ compensation paid before 7/1/93 Occupational disease disablement benefits Unemployment compensation Workers’ compensation |
27-2-21 31-22-15 52-3-37 51-1-37 52-1-52 |
| Tools of Trade | $1500 | 42-10-1, 42-10-2 |
| Wages | Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low- income debtors | 35-12-7 |
| Wild Card |
$500 of
any personal property $2000 of any property in lieu of homestead |
42-10-1 42-10-10 |
Thursday January 12, 2006