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In financial terminology, assets are items that have value.

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The specific types of property, as well as their maximum value, are defined by state and federal bankruptcy laws.

In general, the exempt property for an individual who files for Chapter 7 bankruptcy includes home equity, retirement savings accounts and a personal automobile.

Individuals can sell investments on the open market or sell property through a broker, as in the case of real estate.

In bankruptcy cases, the court-appointed trustee decides the means for liquidating assets.

In some cases, property is liquidated to provide a source of funding to buy other property; in others it may be liquidated in bankruptcy.

All property, such as homes, stocks, bonds, precious metals and land, can be looked at in terms of relative liquidity.

However, all non-cash assets can be converted into cash for the purpose of paying debt or making purchases.

Liquidation can occur regardless of the nature of the asset or the identity of the buyer.

The process for liquidating assets varies based on the type of asset and the situation.

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