Assets are every form of property that is owned by the debtor.  It includes things you have, things you can hold, things you bought, things you can sell.  I like to think of it as 'Your Stuff'.  It also includes intangible things like the right to sue someone, business goodwill and stock options.  The debtor must disclose all assets on the bankruptcy schedules.  Assets become property of the bankruptcy estate upon filing.  A debtor may remove assets from the estate by applying exemptions to certain property.  Exempt property is not part of the bankruptcy estate.