This term refers generally to any assets owned by the debtor that can’t be protected by exemptions under the applicable State and Federal exemption laws. Such assets are at risk of being taken by a Chapter 7 Bankruptcy Trustee and liquidated to pay creditors. This term can apply to an actual asset (such as a piece of jewelry) or it can apply to the “net equity” available from an assets after any proper liens are paid off (like the “homestead exemption” or an exemption that protects equity in an automobile).