Are my 2 horses considered assets?

It is correct that the horses are assets subject to collection, but there is more to it than that. First, you are able to exempt certain assets from collection. So, provided that there are not other assets on which you need to use your exemptions, you can keep the horses as exempt property. Second, would they want them? If they were valuable race horses, had breeding value or otherwise could be used to put a dent into the balance sought to be collected, then yes. Here, however, if they are of limited value, why would they go through the trouble of taking something that they will have a hard time managing and turning into cash. Anything is possible in the collection industry, but it sounds like they are trying to frighten you by threatening something that you find dear. If you feel they go too far in their threats, inquire into a consumer claim (Fair Debt Collection Practices). If debt is big concern, you should explore whether bankruptcy makes sense in your circumstances. While it sounds like you may not need to go that direction, you should know the options. The scope of this space does not afford an opportunity to assess the situation and advise you. I recommend you assemble for legal consultation: (1) household income information for November 2014 through the present, including wages and unemployment during that period; (2) all your bills and collection notices (copies neatly assembled, back pages included); (3) last two years? tax returns; (4) a credit report (use www.annualcreditreport.com to obtain free report if not requested in last year); and (5) other information that may apply, such as copies of lawsuits. Call at your earliest convenience to afford the most opportunity in which to be advised about your best course. I do not recommend filing bankruptcy on your own. There are too many complex issues. I have seen several posts on this site for debtors who filed on their own and are seeking counsel concerning complications. Most of them will have a hard time finding an attorney to get involved to unwind the mess without the attorney charging several times what would originally have been paid.