1. A method for conducting, managing and executing over a communication network, an auction of at least one claim or asset in bankruptcy to a plurality of buyers having expressed interest bankruptcy claims or assets, said method comprising the steps of: placing an indication of the availability of at least one of said assets at a remote site on said network wherein said indication is accessible by each of said plurality of potential buyers over said network; notifying at least one of said buyers predeterminedly expressing interest in items contained within said claims or assets of the availability of said at least one claim or asset; determining a market value of said at least one claim or asset based on historical data of same or similar claims or assets; dynamically adjusting said market value based on known factors; receiving bids from at least one of said buyers over said network; notifying one of said at least one buyers of acceptance of a corresponding bid when said bid satisfies predetermined criteria; and recording said accepted bid.