New Mexico State Economy:

New Mexico is a comparatively poor state with an economy largely consisting of service sector and mining and oil production.

New Mexico Bankruptcy Court Locations:

Pete V. Domenici U.S. Courthouse
333 Lomas Blvd. NW, Suite 360
Albuquerque, NM  87102

New Mexico Bankruptcy Exemptions:

Below are examples of commonly used New Mexico bankruptcy exemptions. Spouses filing together can double the exemption amount for most property that they both own. The statute citations are to the New Mexico Statutes Annotated.

⦁ Homestead. Up to $60,000 of equity in your home. (§ 42-10-9)
⦁ Personal property. Books and furniture; building materials; clothing; cooperative association shares, although only the minimum amount required to be a member of the cooperative (§ 53-4-28); health aids; jewelry up to $2,500; materials, tools, and machinery for digging, drilling, completing, operating or repairing an oil line, gas well, or pipeline. (§§ 42-10-1, 42-10-2, unless otherwise noted)
⦁ Motor vehicles. Equity in a car, van, truck, SUV, motorcycle, or another motor vehicle up to $4,000. (§§ 42-10-1, 42-10-2)
⦁ Tools of the trade. Tools used in your trade or profession up to $1,500. (§ 42-10-1; §42-10-2)
⦁ Wages. 75% of your disposable earnings or 40 times the federal minimum wage, whichever is more. The bankruptcy judge can exempt more wages for low-income debtors. (§ 35-12-7).
⦁ Pensions. Public employee retirement benefits (§§ 10-11-135, 10-11-136); judge and magistrate pensions (§§ 10-12B-7, 10-12C-7); educational retirement benefits (§ 22-11-42); state police pension (§ 29-4-10); pensions or retirement benefits (§§ 42-10-1, 42-10-2). Tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit-sharing and money purchase plans, SEP and SIMPLE IRAs, and defined benefit plans, IRAS and Roth IRAs to current limits.
⦁ Public benefits. Crime victims’ compensation (§ 31-22-15); public assistance (§ 27-2-21); occupational disease disablement benefits (§ 52-3-37); unemployment compensation (§ 51-3-37); workers’ compensation (§ 51-1-52).
⦁ Insurance. Benevolent association benefits to $5,000 (§ 42-10-4); fraternal benefit society benefits (§ 59A-44-18); withdrawal or cash value of life, accident, health, or annuity benefits (§ 42-10-3); life insurance proceeds (§ 42-10-5).
⦁ Miscellaneous. Construction materials (§ 48-2-15); an ownership interest in an unincorporated association (§ 53-10-2); particular business partnership property (§ 54-1-25); interest in a spendthrift trust (§ 42-9-4).
⦁ Wildcard exemption. Up to $500 of any personal property, other than cash (§ 42-10-1), and up to $5,000 of any real or personal property if you don’t use the homestead exemption (§ 42-10-10).