NM Bankruptcy Exemptions
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FEDERAL BANKRUPTCY EXEMPTIONS ARE AVAILABLE
All Bankruptcy law references are to New Mexico Code Annotated. |
|
ASSET |
EXEMPTION |
LAW PROVISION |
|
HOMESTEAD
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$60,000; includes "dwelling house" being purchased or leased (even if land on which it sits is owned by another).(joint owners may double) |
42-10-9 |
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INSURANCE |
Benevolent association benefits to $5000
Life insurance proceeds
Fraternal benefit society benefits
Life, accident, health or annuity benefits, withdrawal or cash value, if beneficiary is a New Mexico citizen |
42-10-4
42-10-5
59A-44-18
42-10-3 |
|
MISCELLANEOUS |
Ownership interest in unincorporated association
Property of business partnership |
53-10-3
54-1-25 |
|
PENSIONS |
Pension or retirement benefits
Public school employees |
42-10-1, 42-10-2
22-11-42A |
|
PERSONAL PROPERTY |
Books, health equipment & furniture
Building materials
Clothing
Cooperative association shares, minimum amount needed to be member
Jewelry to $2500
Materials, tools & machinery to dig, torpedo, drill, complete, operate or repair oil line, gas well or pipeline
Motor vehicle to $4000.
|
42-10-1, 42-10-2
48-2-15
42-10-1, 42-10-2
53-4-28
42-10-1, 42-10-2
70-4-12
42-10-1, 42-10-2 |
|
PUBLIC BENEFITS |
AFDC, general assistance
Crime victims' compensation (this will be repealed effective 7/1/06).
Occupational disease disablement benefits
Unemployment compensation
Workers’ compensation |
27-2-21
31-22-15
52-3-37
51-1-37
52-1-52 |
|
TOOLS OF TRADE |
$1500 |
42-10-1, 42-10-2 |
|
WAGES |
Minimum 75% of earned but unpaid wages; bankruptcy judge may authorize more for low- income debtors |
35-12-7 |
|
WILD CARD |
$500 of any personal property
$5000 of any property in lieu of homestead |
42-10-1
42-10-10 |
NM Bankruptcy Courts
See the list below for Bankruptcy Courts by District. Click on the District link to go directly to that Bankruptcy Court's web site.
| BANKRUPTCY COURTS |
NUMBER OF COPIES |
District Of New Mexico
Mailing Address:
PO Box 546
Albuquerque New Mexico 87103-0546
Office of the Clerk
500 Gold Avenue SW, Tenth Floor
Albuquerque, NM 87102
Telephone: (866) 291-6805
|
contact clerks office |
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