New Mexico STATE LAW
WAGE GARNISHMENT EXEMPTION:
– 75% of weekly earnings or 40 times the federal minimum hourly wage, whichever is greater
MAXIMUM INTEREST RATE:
– Judgment: 8.75% or contract rate
STATUTE OF LIMITATIONS ON ENFORCEMENT:
– Open Account (credit card): 4 years
– Written Contract: 6 years
– Domestic Judgment: 14 years
– Foreign Judgment: 14 years
BAD CHECK LAW DAMAGES:
– Amount due plus three times damages up to $500 per check
tape recording
– One party state
BANKRUPTCY PROPERTY EXEMPTIONS:
(New Mexico Statutes Annotated)
– Can use either the state exemptions below or federal exemptions
– The State of New Mexico has exempted the property and income below from seizure by the bankruptcy court to pay creditors:
Real Property:
– Up to $30,000; if jointly owned, up to $30,000 for each owner [2–10–9]
Personal Property:
– Clothing, unlimited amount [42–10–1 and 42–10–2]
– Motor vehicle up to $4,000 [42–10–1 and 42–10–2]
– Books, furniture and health equipment, unlimited amount [42–10–1 and 42–10–2]
– Health aids, unlimited amount [42–10–1 and 42–10–2]
– Jewelry up to $2,500 [42–10–1 and 42–10–2]
– Any personal property up to $500 [42–10–1]
– Books, implements and tools of trade up to $1,500 [42–10–1 and 42–10–2]
– Materials, tools and machinery to operate or repair an oil or gas line or pipeline, unlimited amount [70–4–12]
– Building materials, unlimited amount [48–2–15]
– Cooperative association shares, only amount needed to be a member [53–4–28]
Insurance / Annuities:
– Benevolent association benefits to $5,000 [42–10–4]
– Fraternal society benefits, unlimited amount [59A–44–18]
– Life, accident, health or annuity benefits or cash value if beneficiary is a citizen of state [42–10–3]
Pensions / Retirement Plans:
– Pension or retirement benefits, unlimited amount [42–10–1 and 42–10–2]
– Public school employees, unlimited amount [22–11–42]
Public Benefits / Entitlements:
– Workers' compensation, unlimited amount [52–1–52]
– Unemployment compensation, unlimited amount [51–1–37]
– Aid to families with dependent children, unlimited amount [27–2–21]
– Crime victims' compensation [31–22–15]
– General assistance, unlimited amount [27–2–21]
– Occupational disease disablement benefits, unlimited amount [52–3–37]
Wages:
–75% of earned but unpaid wages [35–12–7]
Miscellaneous:
– Ownership interest in unincorporated association, unlimited amount [53–10–2]
– Any property up to $2,000 if taken in lieu of real estate exemption [42–10–10] |