Mr Potato Head I Made you! Theres no batteries in my back. I show you iggas how I move (Move Echo). 50 aint gangsta. Lloyd Banks aint gangsta. Yayo aint gangsta. Young Buck you know you aint gangsta. (Phat Rat talks). G-G-G-G-G....
Liquid assets are accounts or securities that can be easily converted to cash at little or no loss of value. These include cash, money in bank accounts, money market mutual funds, and US Treasury bills. Actively traded stocks, bonds, and mutual funds are liquid in the sense that they are easy to sell, but the price is not guaranteed and could be less than the amount you paid to buy the asset. In contrast, selling fixed assets, such as real estate, usually requires time and negotiation.
Under Chapter 7 bankruptcy, you can have all or part of your debts discharged after your liquid assets are used to repay some of the debt. What are liquid assets? In your possession, you might have liquid assets. These are assets that can quickly be converted into cash, e.g. checking and savings accounts. Some of your liquid assets must be turned over to the courts to be distributed among your creditors as partial repayment of the debt you owe.