District of NEW MEXICO

P.O. Box 546 (87103)

421Gold Avenue

Albuquerque, NM 87103-0546

Telephone: 1-505-248-6500

In general, a debtor may claim exemption of his homestead and certain personal property from attachment or execution or forced sale for the payment of debts.

The homestead, to the extent of $30,000 of every person may be exempt from attachment, execution or foreclosure by a judgment creditor and from any proceeding of receivers or trustees in insolvency proceedings.  If the homestead is owned jointly by two persons, each joint owner is entitled to an exemption of $30,000.00.  Homestead refers to a dwelling house and land occupied by the debtor or occupied by him although the dwelling is on land owned by another person provided the dwelling is owned, leased or being purchased by the debtor.  (42-10-9.)  If the debtor does not own a homestead, he may claim exemptions, in addition to other exemptions, of real or personal property in the sum of $2,000 in lieu of the homestead exemption.  (42-10-10.)

Personal property which may be exempt from receivers or trustees in bankruptcy or other insolvency proceedings, fines, attachment, execution or foreclosure by a judgment creditor, may include personal items in the amount of $500, tools of the trade in the amount of $1,500, one motor vehicle in the amount of $4,000, jewelry in the amount of $2,500, clothing, furniture, books, medical-health equipment being used for the health of the person and not for his profession, and any interest in or proceeds from a pension or retirement fund.  All exempt items are valued at the market value of used chattels.   (42-10-1, 42-10-2.)  In addition, certain life, accident and health insurance benefits, beneficiary fund not exceeding $5,000, set apart, appropriated or paid, by any beneficiary fund not exceeding five thousand dollars [($5,000)], set apart, appropriated or paid, by any benevolent association or society, according to its rules, regulations or bylaws, to the family of any deceased member, or to any member of such family, and life insurance proceeds may also be exempt.  (42-10-3, 42-10-4, 42-10-5.)
 

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