Under United States bankruptcy law, a person's estate consists of all assets or property of any kind available for distribution to creditors. However, some assets are recognized as exempt to allow a person significant resources to restart his or her financial life. In the United States, asset exemptions depend on various factors, including state and federal law. The estate (or assets) of a bankrupt person is administered by a trustee in bankruptcy. The legal position in all common law countries is similar in this respect.