NEW MEXICO

Has state opted out of federal bankruptcy exemptions? No.

Is opt out limited to residents or domiciliaries of the state? Not applicable.

Do state’s exemptions have extraterritorial application?

Homestead: Uncertain.

Personal property: Uncertain.

Wages: N.M. Stat. Ann. § 35-12-7.

Scope: Disposable earnings.

Amount: Greater of 75% of disposable earnings or 40 times minimum wage is exempt. Disposable earnings are those left after legally required deductions.

Survival after payment/deposit: Not specified in garnishment statute.

Waiver: Not specified in garnishment statute.

Homestead: N.M. Stat. Ann. §§ 42-10-9, 42-10-11.

Amount: $60,000 in land or a dwelling if debtor owns, leases, or purchases the dwelling. N.M. Stat. Ann. § 42-10-9. Subject to certain liens. N.M. Stat. Ann. § 42-10-11. If property is jointly owned by two persons, each is entitled to a $60,000 exemption. N.M. Stat. Ann. § 42-10-9.

Procedural requirements: None specified.

Special provisions: None specified.

Waiver: Not specified in exemption statute.

Tangible personal property: N.M. Stat. Ann. §§ 42-10-1, 42-10-2, 42-10-10, 53-4-28, 53-10-2.

Household goods: Furniture and books. N.M. Stat. Ann. §§ 42-10-1, 42-10-2.

Motor vehicles: $4000. N.M. Stat. Ann. §§ 42-10-1, 42-10-2.

Tools of trade: $1500. N.M. Stat. Ann. §§ 42-10-1, 42-10-2.

Clothing and jewelry: Clothing; $2500 jewelry. N.M. Stat. Ann. §§ 42-10-1, 42-10-2.

Miscellaneous and wildcard: $500 in personal property other than money; married debtors or heads of households may take $500 any personal property (N.M. Stat. Ann. §§ 42-10-1, 42-10-2). A resident without a homestead may exempt $5000 in real or personal property (N.M. Stat. Ann. § 42-10-10); health aids (N.M. Stat. Ann. §§ 42-10-1, 42-10-2); the minimum amount of shares necessary for membership in certain cooperative associations (N.M. Stat. Ann. § 53-4-28); debtor’s interest in the property of an unincorporated association (N.M. Stat. Ann. § 53-10-2).

Waiver: Not specified in exemption statute.

Benefits, retirement plans, insurance, judgments, and other intangibles: N.M. Stat. Ann. §§ 42-10-1 through 42-10-5.

Public benefits: Not specified in exemption statute. See N.M. Stat. Ann. § 27-2-21 (assistance granted under Public Assistance Act is exempt).

Pensions, retirement plans, and annuities: Interests in or proceeds from pension or retirement fund. N.M. Stat. Ann. §§ 42-10-1, 42-10-2.

Insurance, judgments, or other compensation for injury: Cash surrender value of, and payments from accident, health, and life insurance and certain annuities, exempt as to debts of both insured and beneficiary; life insurance proceeds exempt as to debts of deceased. N.M. Stat. Ann. §§ 42-10-3, 42-10-5. Up to $5000 in benefits from benevolent association, as to debts of association member but not recipient. N.M. Stat. Ann. § 42-10-4.

Bank accounts: Not specified in exemption statute.

Alimony, child support: Not specified in exemption statute.

Tax refunds: Not specified in exemption statute.

Survival after payment or deposit: Not specified in exemption statute, but note language regarding retirement plans and insurance.