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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.
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