New Mexico Exemption Notes

New Mexico Bankruptcy Exemptions Changed on July 1, 2023

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 exemption increased to $5,000
  • Tools of Trade exemption increased to $15,000
  • Wildcard exemption increased from $500 to $15,000
  • Exemption in lieu of homestead increased from $5,000 to $15,000
  • New Exemptions:
    • Public Benefits (all kinds)
    • Tax Credits (state & federal)
    • Stimulus Payments
    • Pensions & IRAs, Roth IRAs
    • HSA Accounts
    • 529 Education Accounts

New Mexico will also adjust these amounts for inflation every odd-numbered year on July 1, beginning in 2025.


Can I use the §522(d) Federal Bankruptcy Exemptions in New Mexico?

Yes. Federal exemptions are available.



$150,000 (joint owners may double)

Motor Vehicle

Motor vehicle to $10,000


$15,000 of any personal property.
$15,000 of exemption in lieu of homestead

Personal Property

Household goods and furnishings to $75,000
Firearms (2)
Musical Instruments ($4,000 limit)
Toys, games, sports, craft and hobby equipment ($2500 limit)
Jewelry to $5,000
Materials, tools & machinery to dig, drill, complete, operate, or repair oil line, gas well, or pipeline
Tools of trade $15,000

See Also:
  • Homestead

  • Homestead [US] Real property, including co-op or mobile home, or burial plot to $27,900; unused portion of homestead to $13,950 may be applied to any property
  • Tenancy by Entirety

  • Tenancy by Entirety [US] Tenancy by entirety is exempt only if debtor chooses State & Non-bankruptcy exemptions.
  • Insurance — Life, Disability

  • Insurance — Life, Disability [US] Disability, illness, or unemployment benefits
  • Insurance — Life, Disability [US] Life insurance payments from policy for person you depended on, needed for support
  • Insurance — Life, Disability [US] Life insurance policy loan value, in accured dividends or interest, to $14,875
  • Insurance — Life, Disability [US] Unamtured life insurance contract, except credit insurance policy
  • Pensions & Retirement Savings

  • Pensions & Retirement Savings [US] All types of retirement funds and accounts that tax-exempt under IRC section 401, 403, 408, 408A, 414, 457, or 501(a) ; IRAs & Roth IRAs limited to $1,512,350 (excluding rollover contributions); limitation can be overidden by judge.
  • Personal Property

  • Personal Property [US] Animals, crops, clothing, appliances, books, furnishings, household goods, musical instruments to $700 per item, $14,875 total
  • Personal Property [US] Health aids
  • Personal Property [US] Jewelry to $1,875
  • Personal Property [US] Lost earnings payments
  • Personal Property [US] Motor vehicle to $4,450
  • Personal Property [US] Personal injury recoveries to $27,900 (not to include pain & suffering or pecuniary loss)
  • Personal Property [US] Wrongful death recoveries for person you depended on
  • Public Benefits

  • Public Benefits [US] Crime victims' compensation
  • Public Benefits [US] Social Security
  • Public Benefits [US] Unemployment compensation
  • Public Benefits [US] Veteran's benefits
  • Tools of Trade

  • Tools of Trade [US] Implements, books, & tools of trade to $2,800
  • Wages

  • Wages [US] None
  • Wild Card

  • Wild Card [US] $1,475 of any property
  • Wild Card [US] Up to $13,950 of unused homestead exemption amount, for any property.
  • Miscellaneous

  • Miscellaneous [US] Alimony, child support needed for support