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Your "frozen" concepts and sensibilities are MELTING.The glaciers of bygone beliefs and limitations are breaking apart, ready for liquidation and reformation in the Now.When it comes to assets, there are two classifications: personal and real estate.Liquidation can be applied to both of these classes, and sold.
Financially speaking, “asset” is a term used to describe belongings that have value.Most courts will not do so, and the consequences can be severe. So how do you know what you can protect in bankruptcy? Each state lists the property that its residents can exempt (keep) in the state’s exemption statute (although some states elect to use the federal exemptions, instead).(To learn what you’ll be able to protect, read How to Find Your State Bankruptcy Exemptions.) Yes.You can do this by choice, but bankruptcy may also liquidate debt to satisfy your creditors.Examine your options carefully when you consider converting your real property, stocks or other items of value into cash to liquidate debt.