EXCLUSIVE

As we reported ... in Aaron's list of assets, he included his pure-bred English bulldog King ... assessing its value at ZERO.
Aaron is telling his buds ... he devalued the dog because he was worried the bankruptcy trustee would sell King to pay off his creditors ... to whom he owes more than $2 million.
In case you're wondering ... these dogs generally go for upwards of $1,500.
Here's the good news ... the dog and a metal cup could help Aaron get out of the red.