New Mexico is a dual-choice state, so you can select either **New Mexico** exemptions or **federal** exemptions when filing bankruptcy. Below is an overview of **New Mexico** exemptions with references to the **New Mexico Statutes**. Always consult a licensed New Mexico bankruptcy attorneyor the official statutes for current amounts and any nuances in interpretation.
| Asset / Type of Property | Exemption Description | Statute / Code | Notes |
|---|---|---|---|
| Homestead | Real property up to \$30,000 for those who are married, widowed, or supporting another; joint owners may double to \$60,000 in some interpretations. | NMSA § 42-10-9 | For primary residence, includes some manufactured housing situations. |
| Benevolent Association Benefits (to \$5,000) | Loan value or proceeds up to \$5,000. | NMSA § 42-10-4 | |
| Fraternal Benefit Society Benefits | Fully exempt. | NMSA § 59A-44-18 | |
| Life, Accident, Health, or Annuity Benefits (Cash/Withdrawal Value) if Beneficiary is a NM Citizen | Generally exempt from creditors. | NMSA § 42-10-3 | |
| Ownership Interest in Unincorporated Association | Exempt from individual’s creditors. | NMSA § 53-10-3 | |
| Property of Business Partnership | Exempt from partner’s individual creditors. | NMSA § 54-1-25 | |
| Pension or Retirement Benefits | Generally exempt from attachment or garnishment. | NMSA §§ 42-10-1, 42-10-2 | |
| Public School Employees | Retirement benefits exempt. | NMSA § 22-11-42(A) | |
| Books, Health Equipment, Furniture | Exempt if used personally. Usually included in general personal property items. | NMSA §§ 42-10-1, 42-10-2 | |
| Building Materials | Fully exempt if for homestead repair? | NMSA § 48-2-15 | Typically references a mechanics’ lien context. |
| Clothing Needed | Exempt essential clothing. | NMSA §§ 42-10-1, 42-10-2 | |
| Cooperative Association Shares (Min. membership amount) | Exempt the minimum share value needed to remain a member. | NMSA § 53-4-28 | |
| Jewelry to \$2,500 | Aggregate limit on personal adornment. | NMSA §§ 42-10-1, 42-10-2 | |
| Materials, Tools & Machinery for Oil/Gas Work | To dig, drill, operate, or repair oil/gas wells or pipelines. | NMSA § 70-4-12 | |
| Motor Vehicle to \$4,000 | Equity limit in one car or vehicle. | NMSA §§ 42-10-1, 42-10-2 | |
| AFDC, General Assistance | Fully exempt. | NMSA § 27-2-21 | |
| Crime Victims’ Compensation (Before 7/1/93) | Fully exempt if paid prior to July 1, 1993. | NMSA § 31-22-15 | |
| Occupational Disease Disablement Benefits | Fully exempt. | NMSA § 52-3-37 | |
| Unemployment Compensation | Fully exempt. | NMSA § 51-1-37 | |
| Workers’ Compensation | Fully exempt. | NMSA § 52-1-52 | |
| Tools of Trade to \$1,500 | Equipment or instruments used in one’s occupation. | NMSA §§ 42-10-1, 42-10-2 | |
| Wages | Minimum **75%** of earned but unpaid wages exempt. Court may allow more if low income. | NMSA § 35-12-7 | |
| Wildcard | \$500 of **any** personal property; plus\$2,000 “in lieu of homestead” | NMSA §§ 42-10-1 (wildcard), 42-10-10 (in lieu of homestead) | Cannot be used if you already claim the homestead. |
This overview is for informational purposes only and is not legal advice. Exemption amounts may be updated or interpreted differently by courts. Always consult a licensed New Mexico bankruptcy attorney or refer to the official New Mexico Statutes for accurate, up-to-date information about applicability to your case.