NEW MEXICO BANKRUPTCY LAW

New Mexico Bankruptcy: Attorneys, Statistics, Exemptions and Courts.

New Mexico Bankruptcy Statistics: In New Mexico, in 2009, 6,124 bankruptcies were filed. Business bankruptcies accounted for 302 or 4.93% and personal bankruptcies accounted for 5,822 or 95.07% of the total filings.

New Mexico State Bankruptcy Exemptions

Homestead

The home ("homestead") exemption is limited to $30,000.

Personal Property

The following expenses or items are exempt in their entirety in New Mexico:

1. Furniture and books
2. Health/medical equipment
3. Clothing
4. Building materials

The following expenses or items are exempt up to a specified limit in New Mexico:

1. Motor vehicles are limited to $4,000
2. Jewelry is limited to $2,500
3. Minimum amount of shares for membership in a cooperative association
4. Machinery, tools, and materials required to maintain and operate an oil or gas well or pipeline

Pension

The following individuals' and their survivors’ pension benefits are exempt when filing for bankruptcy in New Mexico:

1. Public school employees

The following pension types are exempt or partially exempt when filing for bankruptcy in New Mexico:

1. Federal pension exemptions
2. Retirement pensions

Insurance

The following insurance types are entirely or partially exempt when filing for bankruptcy in New Mexico:

1. Life, health, accident or annuity benefits/cash value are entirely exempt if the beneficiary is a resident of New Mexico
2. Benevolent association benefits limited to $5,000
3. Life insurance proceeds
4. Fraternal benefit society

Public Benefits

The following public benefits are exempt when filing for bankruptcy in New Mexico:

1. Crime victims' compensation
2. General assistance
3. Unemployment compensation
4. Workers' compensation
5. Occupational disease disablement

Tools of the trade

This is a separate exemption. Tools of the trade are limited to $1,500 in New Mexico.

Wages

in New Mexico, the greater of 75% or more of disposable earnings, or forty times the federal hourly minimum wage.

Miscellaneous

The following miscellaneous benefits are exempt in New Mexico:

1. All ownership interests in an unincorporated association
2. All business partnership property

Wildcard: Personal property limited to $500; or, any real or personal property limited to $2,000 of an unused homestead exemption.

Federal Exemptions: Yes, debtors are allowed to take federal exemptions when filing for bankruptcy in New Mexico.

New Mexico Bankruptcy Court:

United States Bankruptcy Court, District of New Mexico