What happens to personal assets when bankruptcy is declared?

If a person decides to declare bankruptcy for whatever reasons, does he/she have to cash in all investments and sell their house to cover as much debt as possible before bankruptcy can be declared?
PS - I am not going broke, just asking out of curiosity, so no lectures please ;)

typically if the asset is in your name you have to sell it off to pay the debt, for example you took a loan from the bank, it took your house as collateral, so if you cant pay the bank back they take your house and sell it off to pay your debt, theres so many differnt kinds of bankruptcy thou, typically when u declare bankruptcy as an individual your debt is forgiven (i guess we could say it like that) but you loose all your civil rights, like the right to open your own business, the right to vote, etc for a certain amount of time.. i think thats right, correct me if im wrong

It depends if the item is paid for, or if its something large and a huge balance is owed. Sometime you must give it back and sometime you keep the item by accident. ex... Sears card, you get a washer/dryer, a sears is unsecure, so you keep the w/d!

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