New Mexico State Bankruptcy Exemptions
Laws That Keep Your Creditors' Hands Off Your Property
Exemptions are laws passed by every state that allow you to protect certain types of your property from your creditors when you file bankruptcy-such as your home, car, pensions and IRAs, motor vehicles, clothing, tools, and other important property. New Mexico law provides a number of exemptions that protect your property, and your New Mexico TotalBankruptcy.com attorney will be able to advise you on which exemptions are best for you.
Homestead
$30,000 homestead exemption.
Wages
75 percent of earnings.
Automobiles
One motor vehicle in the amount of $4,000.
Other Property
Personal property in the amount of $500; tools of the trade in the amount of $1,500; jewelry in the amount of $2,500; clothing, furniture, books, medical-health equipment and any interest in or proceeds from a pension or retirement fund. Also, individuals who cannot claim a homestead exemption have an additional "wild card" exemption of $2,000.
» Read the complete New Mexico bankruptcy exemptions here.
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Please understand that this information is provided for illustration purposes only and is not legal advice. If you would like more information about exemptions, please call our 24-hour toll free hotline at 1 (877) 349-1309 or use our free online evaluation form to get started with your bankruptcy case today!
Note: Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.