Q: I keep hearing that pets are considered property in the eyes of the law. Does bankruptcy view them the same way? I have
a purebred cat that I paid over $10000 for but I don't want her to be considered an asset.
A: Yes. If it’s property under non-bankrtcy law, it’s generally property of the estate under bankruptcy law. The issue becomes whether there’s an applicable exemption. The answer with respect to a cat is probably not other than under 11 USC 522(d)(5). Ask an attorney for the details.
A: Yes. The cats is an asset that must be listed.
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