Bankruptcy by State
Bankruptcy in New Mexico
How New Mexico's bankruptcy exemptions, Chapter 7 income limits, and filing volume compare to the rest of the country.
Homestead exemption
$150,000
#15 of 51
Vehicle exemption
$10,000
#6 of 51
Median income (1 person)
$66,235
Chapter 7 means-test threshold
Annual filings
1,678
Year 2025
New Mexico vs. national medians
National medians are calculated across all 51 states plus the District of Columbia. Ranks run from #1 (highest) to #51 (lowest). Where a state publishes a range or a conditional amount, the exemption is shown in full and ranked by its guaranteed minimum.
| Metric | New Mexico | National median | Rank |
|---|---|---|---|
| Homestead exemption | $150,000 | $90,000 | #15 of 51 |
| Motor vehicle exemption | $10,000 | $7,250 | #6 of 51 |
| Median income (1-person household) | $66,235 | $71,745 | #40 of 51 |
| Median income (4-person household) | $98,602 | $126,058 | #48 of 51 |
| Annual bankruptcy filings | 1,678 | 8,707 | #39 of 51 |