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The purpose of bankruptcy is to start fresh, not start from scratch.  In NM there are two lists of protected assets you can keep and you choose the one that benefits you the most.  Under List #1, for example, each homeowner can protect $60k of equity (value minus debt) in a home.  A person can protect 100% of household goods and furnishings, $4k of equity in a motor vehicle.  Retirement is 100% protected so never cash it out to pay credit cards or payday loans!  List #2 will be discussed later, tune in!

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