What Are the New Mexico Bankruptcy Exemptions?
When facing financial crisis, many individuals in New Mexico may be considering filing for bankruptcy. Before taking this major step, it is important to understand the exemptions that are allowed under the state's laws. These exemptions will determine what assets you can keep and which ones must be sold to satisfy creditors.
New Mexico law allows debtors to protect a certain amount of property from creditors through exempting it from sale during bankruptcy proceedings. Generally speaking, these exemptions include homesteads up to $60,000 in value, motor vehicles up to $6,000 in value, tools of trade and earned wages up to 75 percent of the debtor’s net earnings per month. In addition, the state also provides additional exemptions for public benefits such as Social Security income and public assistance payments as well as annuity or retirement accounts such as 401(k) plans and IRAs.
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