New Mexico Bankruptcy Exemptions

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 PropertyExemption DescriptionStatute / CodeNotes
HomesteadReal 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 § 42-10-9For 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 BenefitsFully exempt.NMSA § 59A-44-18
Life, Accident, Health, or Annuity Benefits (Cash/Withdrawal Value) if Beneficiary is a NM CitizenGenerally exempt from creditors.NMSA § 42-10-3
Ownership Interest in Unincorporated AssociationExempt from individual’s creditors.NMSA § 53-10-3
Property of Business PartnershipExempt from partner’s individual creditors.NMSA § 54-1-25
Pension or Retirement BenefitsGenerally exempt from attachment or garnishment.NMSA §§ 42-10-1, 42-10-2
Public School EmployeesRetirement benefits exempt.NMSA § 22-11-42(A)
Books, Health Equipment, FurnitureExempt if used personally. Usually included in general personal property items.NMSA §§ 42-10-1, 42-10-2
Building MaterialsFully exempt if for homestead repair?NMSA § 48-2-15Typically references a mechanics’ lien context.
Clothing NeededExempt 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 \$2,500Aggregate limit on personal adornment.NMSA §§ 42-10-1, 42-10-2
Materials, Tools & Machinery for Oil/Gas WorkTo dig, drill, operate, or repair oil/gas wells or pipelines.NMSA § 70-4-12
Motor Vehicle to \$4,000Equity limit in one car or vehicle.NMSA §§ 42-10-1, 42-10-2
AFDC, General AssistanceFully 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 BenefitsFully exempt.NMSA § 52-3-37
Unemployment CompensationFully exempt.NMSA § 51-1-37
Workers’ CompensationFully exempt.NMSA § 52-1-52
Tools of Trade to \$1,500Equipment or instruments used in one’s occupation.NMSA §§ 42-10-1, 42-10-2
WagesMinimum **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.

Disclaimer

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.