Debtors Must List All Property Wherever Situated on the Bankruptcy Schedules of Assets
By Stephen Otto, Pennsylvania Bankruptcy Attorney on Oct 29, 2007 in Bankruptcy Cases & Legislation, Bankruptcy Practice and Procedure, Georgia, Lawyer to Lawyer
The language of Section 541 is broad on its face. It states that the property of the debtor’s estate “is comprised of all the following property, wherever located and by whomever held.” Recently, the Bankruptcy Court for the Northern District of Georgia decided a case that reminded debtors that the concept of the estate as defined by Section 541 is so expansive that it includes property located in other countries. The Georgia Court decided that not only must Debtors identify foreign holdings on their schedules, but also that these assets are subject to the liquidating powers of the Chapter 7 Trustee.
Jordan Bublick, a bankruptcy attorney from Florida, does an excellent job of describing the Georgia Court’s decision in his October 15th blog post.
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