New Mexico Bankruptcy Exemptions
Homestead
42-10-9 - $30,000.
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 - $2,000 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.