The bankruptcy law requires the debtor to list all of his or her assets in paperwork filed with the court. The court requires the debtor to file a standardized form called “Schedule B” which lists all of the debtor’s property. The instructions for completing Schedule B direct the debtor to “list all personal property of the debtor of whatever kind.”
A common question from bankruptcy debtors is, “Do I have to list property that belongs to my child?” The answer is, “It depends.” If the child is a minor, you likely own any property that you purchased for the child, like bedroom furniture, clothing, toys, etc, even if you gave the property as a gift.
Introduction
On August 20, 2010, Petroflow Energy Ltd. (“Petroflow”), filed a petition for bankruptcy in the United States Bankruptcy Court for the District of Delaware. Months prior to Petroflow’s filing for bankruptcy, the company’s subsidiaries, North American Petroleum Corporation USA and Prize Petroleum LLC, filed petitions for bankruptcy in Delaware. After Petroflow filed for bankruptcy in August, it filed a motion with the Bankruptcy Court seeking to have the orders entered in the “First Filed Debtors’ Cases” (i.e.