Ask Senators to pass SB 216 so families can meet basic needs while paying down debt!
All New Mexicans should be able to meet their basic needs, regardless of their debt status. Over 40% of New Mexicans have debt in collections and thousands file for bankruptcy annually. New Mexico law protects minimal income in wage garnishment, and essential property, like a home and vehicle, in bankruptcy. But unfortunately, the value of protected property has not been updated in decades, if at all. In just the last year, inflation reached a 40 year high of 9% and the average cost of a home in New Mexico increased over 18%. The outdated law prevents families from recovering from debt and hurts our local economies.
Speak out at the Senate Judiciary Committee hearing Wednesday, March 1, at 1:30pm and submit public comments asking legislators to fully pass SB 216 to let New Mexico families with debt have a fair chance at a fresh start!
Senate Bill 216, sponsored by Sen. O’Neill & Rep. Chasey, would protect families with debt by:
Increasing the value of property protected from collections in bankruptcy and wage garnishment and adjusts property values to increase with inflation. This would:
- Prevent creditors from taking so much of the family’s wages that the they are pushed to below minimum wage;
- Allow the family to keep a used car of at least average value;
- Preserve the family’s home;
- Preserve a basic amount in a bank account so that the family can still afford essentials such as rent, utilities, and commuting expenses;
- Prevent seizure and sale of the family’s necessary household goods.
- Require that families with debt are instantly made aware of when someone tries to garnish their wages.
Make your voice heard!
Join us in person on March 1, 2023 at 1:30pm (or a half hour after the Senate Floor session ends) in Room 321, New Mexico State Capitol Building, 490 Old Santa Fe Trail, Santa Fe, NM 87501 or join via zoom.
What to expect at the hearing:
The sponsors will introduce SB 216 into discussion and the Chair will ask who is in support. The Chair will allow 1-2 minutes per comment. Please state your name, where you’re from, that you support the bill, and why it’s important to protect New Mexico families who file for bankruptcy or have debt in collections.