New Mexico Bankruptcy

Are you overwhelmed by debt? A local New Mexico bankruptcy lawyer could help you determine whether filing bankruptcy is right for you.

Connect to a New Mexico bankruptcy attorney today—for free and with no obligation—by plugging in your ZIP code below and filling out our 2-minute bankruptcy evaluation form.

Filing Chapter 7 Bankruptcy in New Mexico

Chapter 7 bankruptcy is often referred to as “liquidation” bankruptcy because the bankruptcy trustee may liquidate (sell) a debtor’s non-exempt assets to payoff his or her unpaid debts.

But don’t panic—most Chapter 7 bankruptcy filers get to keep all of their property because their property is considered “exempt” from the liquidation sale.

Property exemptions vary from state to state, so check out the below information on New Mexico bankruptcy law.

New Mexico Bankruptcy Exemptions

A New Mexico Chapter 7 bankruptcy lawyer is a good person who can explain which of your assets may be exempt from Chapter 7 liquidation.

Here’s a brief of some of New Mexico’s important bankruptcy exemptions:

Homestead: $60,000. If two people own the home, each joint owner is entitled to a $60,000 exemption. Individuals who cannot claim a homestead exemption get an additional $5,000 “wild card” exemption.

Wages: 75 percent of earnings.

Vehicles: One motor vehicle worth up to $4,000.

Personal Property:

• Up to $500 of personal property.
• Up to $1,500 for tools of the trade.
• Up to $2,500 for jewelry.
• 100 percent of clothing, furniture, books, medical-health equipment and any interest or proceeds from a pension or retirement fund.

Questions? A New Mexico chapter 7 Bankruptcy Lawyer is Here for You

New Mexico Chapter 7 bankruptcy exemptions can be specific. A New Mexico Chapter 7 bankruptcy lawyer can explain how they may affect your Chapter 7 bankruptcy case.

Chapter7.com makes it easy to get in touch with a New Mexico bankruptcy attorney. Simply complete the above free form or call us at 877-226-6844 and we will put you in touch with a local New Mexico bankruptcy lawyer.

Don’t put this off any longer—take the first step and contact us today.

Note: Keep in mind all laws are complex. If you need legal advice or want to fully understand how these laws affect you, please speak with a local attorney.

Laws may have changed since our last update. For the latest information on your state’s bankruptcy laws, speak to a local bankruptcy lawyer.