ALL RIGHTS RESERVED © 2014 | LAW OFFICE OF JONATHAN M. PEAKE, LLC

Law Office of Jonathan M. Peake, LLC

800 Lomas Blvd NW

Suite 200

Albuquerque, NM  87102

Phone: 505-750-7702

Fax: 505-243-0949

Email: jpeake@jpeakelaw.com  

Main Contact Us

LEGAL DISCLAIMER: THE CONTENT OF THIS WEB SITE IS INTENDED TO CONVEY GENERAL INFORMATION AND SHOULD NOT BE RELIED UPON AS A SUBSTITUTE FOR PROFESSIONAL, FINANCIAL, LEGAL, OR CREDIT ADVICE. THIS WEB SITE MAKES NO WARRANTIES OR REPRESENTATIONS ABOUT THE ACCURACY OR COMPLETENESS OF THE INFORMATION PROVIDED NOR ANY OTHER WARRANTIES OR REPRESENTATIONS ABOUT THE SITE CONTENT, THE SITE ITSELF, OR INFORMATION PROVIDED IN OTHER FORMS SUCH AS EMAIL BY THE SITE, - ALL OF WHICH ARE PROVIDED ON AN "AS-IS" BASIS. ALL WARRANTIES, EXPRESS OR IMPLIED, ARE HEREBY DISCLAIMED (INCLUDING BUT NOT LIMITED TO THOSE OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE). THIS FIRM HAS BEEN DESIGNATED AS A DEBT RELIEF AGENCY THAT HELPS PEOPLE SEEK RELIEF UNDER THE BANKRUPTCY CODE.

NEW MEXICO BANKRUPTCY EXEMPTIONS

Overview

Exemptions are property that is protected from creditors when a person files bankruptcy. A person can exempt any property that falls within the exemption categories. Any exempted property is untouchable by creditors when a person files for a bankruptcy protections. In New Mexico, a person has the the option to choose to use New Mexico state exemptions or federal exemptions. It is best to consult with a New Mexico bankruptcy attorney to determine which set of exemptions are best for your specific situation.

New Mexico Exemptions

Homestead

42-10-9 - $60,000.

Personal Property

42-10-1 - Motor vehicle up to $4,000; clothing; books; furniture; health aids; and jewelry up to $2,500.

42-10-10 - $5,000 of any property, in lieu of homestead.

48-2-15 - Building materials.

53-4-28 - Minimum amount of shares needed for membership in cooperative association.

70-4-12 - Tools, machinery and materials needed to dig, drill, torpedo, complete, operate or repair an oil line, gas well or pipeline.

Wages

35-12-7 - The greater of the following: 40 times the federal hourly minimum wage or minimum of 75% of disposable earnings. Judge may approve more for low income debtors.

Pensions

11 U.S.C. § 522 - 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).

11 U.S.C. § 522(b)(3)(C)(n) - IRAS and Roth IRAs to $1,171,150.

22-11-42 - Public school employees.

42-10-1 & 42-10-2 - Pension or retirement benefits.

Public Benefits

27-2-21 - General assistance.

31-22-15 - Crime victims' compensation.

51-1-37 - Unemployment compensation.

52-1-52 - Workers' compensation.

52-3-37 - Occupational disease disablement benefits.

Tools of Trade

42-10-1 & 42-10-2 - $1,500.

Insurance

42-10-3 - Life, accident, health or annuity benefits or cash value, if beneficiary is a citizen of New Mexico.

42-10-4 - Benevolent association benefits up to $5,000.

42-10-5 - Life insurance proceeds.

59A-44-18 - Fraternal benefit society benefits.

Miscellaneous

53-10-2 - Ownership in an unincorporated association.

54-1A-501 - Business partnership property.

Wildcard

42-10-1 - $500 of any property.

42-10-10 - $5,000 of any real or personal property, in lieu of homestead.

Federal Exemptions

Homestead

522(d)(1), (5) - Real property, including mobile homes and co-ops, or burial plots up to $22,975. Unused portion of homestead, up to $11,500 may be used for other property.

Personal Property

522(d)(2) - Motor vehicle up to $3,675.

522(d)(3) - Animals, crops, clothing, appliances and furnishings, books, household goods, and musical instruments up to $575 per item, and up to $12,250 total.

522(d)(4) - Jewelry up to $1,550.

522(d)(9) - Health aids.

522(d)(11)(B) - Wrongful death recovery for person you depended upon.

522(d)(11)(D) - Personal injury recovery up to $22,975 except for pain and suffering or for pecuniary loss.

522(d)(11)(E) - Lost earnings payments.

Pensions

522(b)(3)(C) - 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).

522(b)(3)(C)(n) - IRAS and Roth IRAs to $1,245,475.

Public Benefits

522(d)(10)(A) - Public assistance, Social Security, Veteran’s benefits, Unemployment Compensation.

522(d)(11)(A) - Crime victim’s compensation.

Tools of Trade

522(d)(6) - Implements, books and tools of trade, up to $2,300.

Alimony and Child Support

522(d)(10)(D) - Alimony and child support needed for support.

Insurance

522(d)(7) - Unmatured life insurance policy except credit insurance.

522(d)(8) - Life insurance policy with loan value up to $12,250.

522(d)(10)( C ) - Disability, unemployment or illness benefits.

522(d)(11)( C ) - Life insurance payments for a person you depended on, which you need for support.

Wildcard

522(d)(5) - $1,225 of any property, and unused portion of homestead up to $11,500.

MAJOR FINANCIAL CONCERNS:

Foreclosure

Wage Garnishment

Lawsuit(s)

Loss of Income

Repossession

Creditor Harassment

Illness/Disability

Divorce

Other

OUTSTANDING DEBT ISSUES:

Credit Cards

Auto Loans

Medical Bills

Other Loans

Taxes

Pay-day Loans

Child Support

Student Loans

Other

ARE YOU BEHIND ON PAYMENTS?

Mortgage

Vehicle Loans

Other Loans

Credit Cards

Living Situation

Own Rent

Marital Status

Married Single

Household Income

Other Concerns

First Name

E-mail Address

GENERAL INFORMATION