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Bankruptcy in New Mexico: Exemptions and Filing Guide

State-specific bankruptcy exemptions and filing information for New Mexico. These exemptions determine what property you can keep when filing Chapter 7 bankruptcy.

Data last updated: Jan 15, 2025

Key Takeaways

  • Homestead exemption: $60,000.
  • Vehicle exemption: $4,000.
  • Federal exemptions available — you can choose state or federal.
  • Attorney fees: $1,000–$1,800 (Ch. 7) / $2,500–$4,000 (Ch. 13) typical.
$60,000 Homestead exemption
$4,000 Vehicle exemption
Yes Federal option
$338 (Chapter 7) / $313 (Chapter 13) Filing fee

New Mexico Bankruptcy Exemptions

  • Homestead$60,000
  • Vehicle$4,000
  • Personal property$15,000 household goods; $2,500 jewelry
  • Wildcard$500
  • Federal exemptionsAvailable (can choose)

Means Test: New Mexico Median Income

To qualify for Chapter 7 in New Mexico, your income must be below the state median or you must pass the means test showing no disposable income for creditors.

  • 1 person$50,800
  • 2 people$63,400
  • 3 people$70,200
  • 4 people$82,500

Filing Costs

  • Court filing fee$338 (Chapter 7) / $313 (Chapter 13)
  • Typical attorney fee$1,000–$1,800 (Ch. 7) / $2,500–$4,000 (Ch. 13)
  • Court districtsDistrict of New Mexico

New Mexico bankruptcy court

Related Resources

Frequently Asked Questions

  • What is the homestead exemption in New Mexico?

    New Mexico provides a $60,000 homestead exemption for your primary residence.

  • Can I choose federal exemptions in New Mexico?

    Yes. New Mexico allows debtors to choose between state and federal bankruptcy exemptions.

  • What personal property is protected in New Mexico?

    New Mexico protects up to $15,000 in household goods, $2,500 in jewelry, and $1,500 in books and other property.

  • How does bankruptcy affect community property in New Mexico?

    New Mexico is a community property state. Both spouses' community property may be included in the bankruptcy estate even if only one spouse files.

Legal Disclaimer: FreeNetLaw provides general legal information, not legal advice. The information on this site is not a substitute for consultation with a licensed attorney. Laws vary by jurisdiction and change frequently. Always verify information with official sources and consult a qualified attorney for advice about your specific situation.

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