Liquidating the assets
Using a realtor or broker to liquidate your house can be a long and drawn-out effort that may take months.
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You may be concerned that you will be left with nothing, but not to worry, bankruptcy law does not let that happen. The process of liquidating assets can be filled with confusion, mind-numbing slowness, and disappointing returns.
Both types can be liquidated but assets such as homes and land are highly liquid.When your debts begin to outweigh your assets, liquidation or selling off your assets can help you remain financially stable.When your assets are liquidated, they are converted into cash.A court-appointed trustee determines what can be sold to pay off your debts.Depending on what you owe on the property you list in the bankruptcy, a trustee may decide to not liquidate anything— or everything.
Liquidation of assets refers to selling off property in order to raise cash.