[caption id="attachment_46024" align="alignleft" width="300"] Failure to list assets may make you a liar, liar, pants on fire![/caption]
What is an asset and better still, why do I need to tell anyone about it in bankruptcy? Let's start with the definition of an asset. Merriam-Webster defines an asset as something owned by a person. Merriam-Webster has provided a simple but most excellent way to describe the term "asset".
To determine if something is an asset, ask yourself, "Do I own it?" If the answer is yes, you MUST list "it". Please allow me to illustrate. A dog lives with you, do you list it? If you feed the dog and care for the dog, you probably own the dog. So list it. If the dog is not an AKC registered dog or does not qualify as a show dog, then the value is $0. I know, I know, the dog is part of the family and priceless, but no one else is going to pay a significant amount of money for the dog. Therefore, the trustee will not want the dog, but you have complied with your duty to list the dog as an asset.