New Mexico

New Mexico, the Land of Enchantment, ranges from desert to tall mountains. The economy is based on oil and gas production, tourism, and federal government spending. New Mexico is ranked #36 for population and #45 for population density.

As of 2018, over 2,090,708 people called New Mexico home. Albuquerque is the largest city in New Mexico.

Income

The median state income is $46,748. As of 2018, the minimum wage is $7.50 per hour, although it may be slightly higher depending on your employment. Unfortunately, 29.9% of New Mexican children under 18 live in poverty. This is the highest in the nation. For residents overall, 19.8% of all people in New Mexico live under the poverty level – third highest in the US.

  • Median state income: $46,748
  • Minimum wage: $7.50/hour
  • Children in poverty: 29.9%
  • People in poverty: 19.8%

Is New Mexico a Community Property State?

New Mexico is not a community property state. Therefore your assets are not seen as equally owned by you and your spouse. Currently, there are only 10 states that are community property states. In the state of NM, the judge will decide which assets are shared by you and your spouse, and what the equity is for each.

There are 10 community property states in which the state sees your assets as community property are Louisiana, Arizona, California, Texas, Washington, Idaho, Nevada, New Mexico, and Wisconsin.

Homeowners

More than half (66.6%) of New Mexicans hold a mortgage. The median home price in New Mexico is $227,000 (2018). Of course, that median price depends on the location with some areas being much higher.

  • Homeowner rate: 66.6%
  • Median home price: $227,000

Employment

New Mexico has a current unemployment rate of 5.6%. The underemployment rate is 12.6%. Underemployment is the percentage of civilian workers who are unemployed, employed part-time or are not seeking employment.

If this is you, we can help. Pacific Debt offers New Mexico debt relief solutions tailored to your unique situation and budget. Our certified counselors help you work up a budget, and explain your options.

  • Unemployment: 5.6% (2018)
  • Underemployment: 12.6% (2017)

New Mexico Debt

New Mexicans carry a lot of debt. The average credit card debt is $7,952 (2018). The average student loan debt is $20,193. When you add all that debt on top of the cost of homes (rental or owned), versus the median income, it is very easy for New Mexicans to get into debt.

  • Avg credit card debt: $7,9528 (2018)
  • Avg mortgage debt: $159,458 (2017)
  • Avg student loan debt: $20,193 (2017)

New Mexico Statute of Limitations

New Mexico’s statute of limitations lays out maximum time periods that debt collectors can take action against a delinquent debt. These statutes of limitations begin on the date that your debt goes delinquent.

For debts taken out in New Mexico, the following are the statutes of limitations for different types of debt.

  • Oral agreements: 4 years
  • Written contracts: 6 years
  • Promissory notes: 6 years
  • Credit cards and other revolving loans: 4 years

New Mexico Debt Relief & Debt Consolidation

If you have more debt than you can pay off, Pacific Debt can help you consolidate your debt and learn to live debt free. Since 2002, we’ve settled over $200 million in debt for thousands of clients. We are a nationally top ranked debt relief company located in San Diego.

We will help you work through our proven and comprehensive debt relief program. Your certified debt relief counselor will review all your options. If debt settlement is right for you, we move forward with our debt consolidation program and work to save you money. Pacific Debt can help with most unsecured debt like credit cards, personal loans, medical bills and repossessions.

It is not an easy process and it won’t happen overnight, but you can do it. Pacific Debt will be there every step of the way to help.

Debt Collection Laws

New Mexicans are protected against unscrupulous debt collectors. The federal Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive or harassing bill collection practices.In addition, the New Mexico Fair Debt Collection Practices Act (NMFDCPA) adds protections against more types of collectors and actions. If you are a victim of any of these actions, you may take legal action against them.

Overall, debt collectors can NOT:

  • Charges more than 10% interest
  • Garnish more than 25% of wages
  • Use/threaten physical force or criminal tactics to harm you, your property, or your reputation
  • Accusing you of committing a crime for not paying the debt
  • Make/threaten to make defamatory statements to someone else
  • Threaten arrest, to seize assets, or garnish wages, unless actually planning to take such action
  • Use obscene or profane language
  • Cause you to spend money you wouldn’t otherwise have spent (ie long-distance telephone calls)
  • Call you repeatedly or let your phone ring repeatedly
  • Call frequently
  • Contact your employer, except to verify employment or health insurance status, garnish wages or locate you
  • Reveal information about debt to anyone except your spouse or your parents if a minor.
  • Publicly publish your name for failing to pay
  • Send a postcard or letter with revealing information on the envelope
  • Claim to be someone other than a debt collector, including a governmental official
  • Use stationary that appears to be from a law firm
  • Charge you collection or attorney’s fees unless legally allowable
  • Threaten to report you to a credit reporting agency if they have no intention of doing so
  • Send a letter claiming to come from a claim, credit, audit, or legal department unless it actually is

Debt collectors must:

  • Disclose caller identification
  • May contact your family to locate you
  • Must serve you with notice of a lawsuit if suing you

Bankruptcy Court Information

Bankruptcy is a legal action that can erase most of your debt as well as your credit history. It is not an action to take lightly. If you do, you must follow the following steps in New Mexico.

Persons filing for bankruptcy must:

  • Complete credit counseling within six months before filing for bankruptcy.
  • Complete a financial management instructional course after filing bankruptcy.
  • Complete a Bankruptcy Act Means Test to determine if you are eligible for a Chapter 7 or 13 bankruptcy
  • Itemize current income sources; major financial transactions; monthly living expenses; debts (secured and unsecured); and property (all assets and possessions, not just real estate).
  • Collect last 2 years of tax returns, deeds to real estate you own, car titles, and loan documents
  • File for bankruptcy
      • Chapter 7 bankruptcy fee is $306
      • Chapter 13 bankruptcy fee is $281
  • Meet with court assigned bankruptcy trustee
  • Attend a Meeting of Creditors
  • Confirm plan if filing for Chapter 13 bankruptcy

DISCLAIMER: We are not lawyers and are not giving legal advice. Before filing bankruptcy, talk to a lawyer in your state.

New Mexico Better Business Bureau

Pacific Debt is an A+ rated business with the BBB. We have been accredited since 2010. We have received 4.87 out of five stars based on 40 customer reviews with the BBB.

New Mexico Debt Relief Reviews

by Dee S.
I am currently in the first stage of…
I am currently in the first stage of the program and so far it has been a great experience. Everyone I have talked to has been very professional and empathetic to our situation. I can only hope that the rest of this process goes as well and I can be free of debt with no regrets.
by Customer
I have had a great experience so far
I have had a great experience so far. I would recommend this company to help take control of your finances.
by Rich H
New Begining
If you are thinking there is no end insight and seeing half of your monthly payments going in their bank while the only means for daily needs is another swipe digging the hole deeper. Do yourself a favor do your homework than call Pacific Debt. and listen to your wayout. They work with you so you can see an end and in good time so you realize the sooner you start you can count down to the new begining.

New Mexico Cities Served by Pacific Debt

Acomita Lake
Agua Fria
Alamo
Alamogordo
Albuquerque
Mayor
Algodones
Angel Fire village
Anthony
Artesia
Aztec
Bayard
Beclabito
Belen
Bernalillo
Black Rock
Bloomfield
Boles Acres
Forest Farms village
Brimhall Nizhoni
Canada de los Alamos
Cannon AFB
Capitan village
Carlsbad
Carlsbad North
Carnuel
Carrizozo Red
House
Causey village
Cedar Crest
Cedar Grove
Chama village
Chamisal
Chaparral
Chilili
Chimayo
Chupadero
Church Rock
Cimarron village
Clayton
Cloudcroft village
Clovis
Cochiti
Columbus village
Corona village
Corrales village
Crownpoint
Crystal
Cuartelez
Cuba village
Cundiyo
Cuyamungue
Deming
Des Moines village
Dexter
Dona Ana
Dora village
Dulce
Eagle Nest village
Edgewood
El Cerro-Monterey Park
Eldorado at Santa Fe
Elephant Butte
Elida
El Rancho
The Valley of Arroyo Seco
Encinal
Encino village
Espanola
Estancia
Eunice
Farmington
Flora View
Floyd village
Folsom village
Fort Sumner village
Galisteo
Gallup
Glorieta
Grady village
Grants
Grenville village
Hagerman
Hatch village
Hobbs
Holloman AFB
Hope village
House
Huerfano
Hurley
Isleta Village Proper
Jaconita
Jal
Jarales
Jemez Pueblo
Jemez Springs village
Kirtland
La Cienega
Laguna
La Jara
Lake Arthur
Lake Sumner
La Luz
Lamy
La Puebla
Las Cruces
Las Vegas
Logan village
Lordsburg
Los Alamos
Los Cerves
Los Chaves
Los Lunas village
Los Ranchos de Albuquerque village
Los Trujillos-Gabaldon
Loving village
Lovington
Madrid
Magdalena village
Manzano
Maxwell village
Meadow Lake
Melrose village
Mescalero
Mesilla
Coffee table
Mesquite
Milan village
Moriarty
Mosquero village
Mountainair
Nageezi
Nakaibito
Napi HQ
Naschitti
Navajo
Nenahnezad
Newcomb
North Acomita Village
North Valley
Yellow Eye
Paguate
Place
Pecos village
Pena Blanca
Penasco
Peralta
Picuris Village
Pinehill
Plazas
Pojoaque
Ponderosa
Portals
Village of Sandia Village
Painted Village
Questa village
Radium Springs
Ramah
Taos Ranches
Raton
Red River
Regina
Reserve
Rincon village
Rio Chiquito
Rio Communities
Rio Communities North
Rio in the middle
Rio Lucio
Rio Rancho
Rock Springs
Roswell
Roy village
Ruidoso village
Ruidoso Downs village
Salem
San Felipe Village
San Ildefonso Village
San Jon village
San Juan
Sanostee
Santa Ana Village
Santa Clara village
Santa Clara Village
Santa Cruz
Santa Fe
Santa Rosa
Santa Teresa
Santo Domingo Village
San Ysidro village
Seama
Sheep Springs
Shiprock
Silver City
Skyline-Ganipa
Socorro
Sombrillo
South Valley
Springer
Sunland Park
Tajique
Taos
Taos Village
Taos Ski Valley village
Tatum
Tesuque
Texico
Thoreau
Scissors village
Timberon
Tohatchi
Tome-Adelino
Torreon CDP (Sandoval County)
Torreon CDP (Torrance County)
Truth or Consequences
Tse Bonito
Tucumcari
Tularosa village
Twin Lakes
University Park
Upper Fruitland
Vadito
Vado
Valencia
Vaughn
Virden village
Wagon Mound village
White Rock
White Sands
Willard village
Williamsburg village
Yah-ta-hey
Zia Village
Zuni Village

Are you ready for debt relief help now?

BBB accredited business
BACK
Free Consultation
close slider