What Are Estate Assets In Bankruptcy?

All ordinary property of value is considered an asset of a bankruptcy estate. The items normally associated with home and personal use are included, as well as financial accounts for retirement, insurance, and notes receivable. But the Code goes much further in defining estate assets.

Intangible property, contingent rights, and disputed claims are also included. For instance, a potential cause of action against another for tort damages has potential value. Contract option rights have potential value in the future. Even highly disputed claims, rights, and causes of action must be reported to the court under the obligation of full disclosure of all estate assets.