What Creditors Can't Take in New Mexico
Money, home and vehicle exemptions that protect your property from creditors in New Mexico.
Short answer: Yes. Outside bankruptcy, an individual can protect up to $2,400 in total in bank or investment accounts, plus any money from exempt sources (such as Social Security, veterans', disability, unemployment or public benefits, retirement funds and exempt wages). NMSA 1978, § 42-10-1(A)(14); § 35-12-7(D)
| Money protected in a bank account | Yes. Outside bankruptcy, an individual can protect up to $2,400 in total in bank or investment accounts, plus any money from exempt sources (such as Social Security, veterans', disability, unemployment or public benefits, retirement funds and exempt wages). This is part of a general $15,000 exemption for personal property not otherwise listed. Rewritten by 2023 ch. 104. |
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| Homestead exemption | $150,000 in the person's primary residence, or $300,000 if the person's spouse died within the past two years and could have claimed it. Source: NMSA 1978, § 42-10-9 |
| Vehicle exemption | Motor vehicles up to $10,000 in total value. Set by 2023 ch. 104, which also set household goods at $75,000 and tools of the trade at $15,000. Source: NMSA 1978, § 42-10-1(A)(2) |
Where to get help in New Mexico
- New Mexico Department of Justice, Consumer Protection; Regulation and Licensing Department, Financial Institutions Division (licenses collection agencies)
- File a complaint or claim
More New Mexico debt & collections
- Statute of Limitations on Debt in New Mexico
- Wage Garnishment in New Mexico
- How to Respond to a Debt Collection Lawsuit in New Mexico
- Medical Debt Protections in New Mexico
- All New Mexico debt & collections rules
FAQ
How much money in a bank account is protected from creditors in New Mexico?
Yes. Outside bankruptcy, an individual can protect up to $2,400 in total in bank or investment accounts, plus any money from exempt sources (such as Social Security, veterans', disability, unemployment or public benefits, retirement funds and exempt wages). This is part of a general $15,000 exemption for personal property not otherwise listed.
What is the homestead exemption in New Mexico?
$150,000 in the person's primary residence, or $300,000 if the person's spouse died within the past two years and could have claimed it.
Can a creditor take my car in New Mexico?
Motor vehicles up to $10,000 in total value.
General legal information, not legal advice. Laws change and local rules can differ; check the linked official source or talk to a lawyer about your situation.