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New Mexico Bankruptcy

Exemption Court
New Mexico Bankruptcy Exemption
Homestead: The principle place of residence of the up to the extent of $ 30,000. Joint owners may double it. Exemption in lieu of homestead is exempted up to the extent of $ 2000.

Wages:
The greater among 75% or 40 times the federal minimum hourly wage per week.

Professional tools:
Equipment, inventory, farm products and professional books used in business of debtor or dependent exempted up to the extent of $ 1,500.

Household goods:
Household goods and furniture, wearing apparels, books are exempted up to the extent of 100 %.

Personal property:
Personal property other than cash exempted up to $ 500.

Jewelry:
Personal jewelry exempted up to the extent of $ 2,500.

Automobile:
Motor vehicle up to the extent of $ 4,000.

Personal property:
Personal property of any kind including cash is exempted up to the extent of $ 500.

Total or Absolute Exemptions for:
  • Occupational disease disability benefits.
  • Unmatured life insurance contracts.
  • Membership holdings in cooperative associations.
  • Materials purchased for digging or operating oil and gas.
  • State police pension benefits.
  • Beneficiaries' interest in spendthrift's trust.
  • Public employee's retirement funds and benefits.
  • Social services benefits.
  • Property covered by assignment for benefit of creditors.
  • Fraternity benefits society benefits.
  • Crime victim's awards.
  • Public assistance payments.
  • Veteran's benefit.
  • Unemployment compensation benefits.
  • Specific partnership benefits.
  • City employee's retirement benefits.

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