New Mexico Bankruptcy Laws

New Mexico bankruptcy laws allow the debtor declared as bankrupt to use federal supplemental exemptions along with the state specific exemptions. What is more, you also have the option to substitute the state specific exemptions completely with the federal exemptions set. New Mexico bankruptcy district courts are located in three places – Albuquerque, Las Cruses, and Roswell.

Properties Exemptions Under The New Mexico Bankruptcy Laws

As per the New Mexico bankruptcy laws, following are the properties and their specific details that can be exempted by the debtor declared as bankrupt by any of the New Mexico bankruptcy district courts.

•The Homestead Exemptions are allowed only to the married, widowed or the people who are supporting others. The maximum amount of exemptions they can claim in this regard is thirty thousand dollars. If you are a married couple and are filing bankruptcy jointly, the maximum amount exemptible will be sixty thousand dollars.
•Like most of the other states in America, the Insurance Exemptions under the New Mexico also include fraternal benefit society benefits.
•Again, if you are a permanent resident and a citizen of New Mexico, you can also exempt Life, accident, health or annuity benefits, withdrawal or cash value up to any amount.
•Benevolent association benefits have specifically been mentioned in the insurance exemptions by the New Mexico bankruptcy laws. The amount exemptible in this regard can be up to five thousand dollars in value.
•Pension funds are exempted under the New Mexico bankruptcy laws, but only Public school employees are eligible for such exemptions.
•As per the New Mexico bankruptcy laws, the ownership interest in unincorporated association is also exemptible under the miscellaneous exemptions.
•Wild Card exemptions include any personal property up to five hundred dollars in value. In this section, you can also exempt any property in lieu of homestead up to two thousand dollars.