On March 16, 2023, the New Mexico Legislature passed sweeping changes to New Mexico’s bankruptcy exemptions (2023, ch. 104), effective July 1, 2023:
- Homestead increased from $60,000 to $150,000
- Household goods up to $75,000 per person
- Motor vehicle exemption increased from $4,000 to $10,000
- Jewelry increased to $5,000
- Tools of Trade increased to $15,000
- Wildcard increased from $500 to $15,000
- Exemption in lieu of homestead increased from $5,000 to $15,000
- New Exemptions: The new law creates a list of specific exemptions for:
- Public Benefits (all kinds)
- Tax Credits (state & federal)
- Stimulus Payments
- Pensions & IRAs, Roth IRAs
- HSA Accounts
- 529 Education Accounts
Source: Section 42-10-1 NMSA 1978, <https://nmonesource.com/nmos/nmsa/en/item/4386/index.do#!b/42-10-1>, retrieved on 10/06/2023.
You can find a complete list of New Mexico Bankruptcy Exemptions on LegalConsumer.com’s main website.