The planes are sold legitimately to leasing companies and usually well in advance of a bankruptcy. Sell-leaseback constructions are one of the fastest ways for airlines to gain a quick input of cash. That is usually why it is one of the first steps taken when an airline gets into dificulties. So the buyers do get to keep the planes.
When an airline goes bankrupt there are two options.
1) Either the plane continues on its route, and ends at the final destination. Sometimes going back to base afterwards with the passengers booked for the home leg. But often the homeleg can not be done because local creditors seize the plane.
2) The plane goes back to the home base mid-flight.
Which of the two happens depends on a multitude of factors. First and foremost obiously the ability to do so. When a plane does not have sufficient fuel to go back to base, then obviously the flight will continue.
Typically an airline would want to keep its assets on its home base. A plane makes a nice object for creditors to make a claim on. So a plane that gets stuck at a remote airport stands a good risk of local contractors (maintenance, fuelers, ATC, ground handling etc) putting a claim on the plane to force the swift payment of their services rendered.
The luggage will be in the same plane as the passenger. So the passengers will get it back. It may take a bit longer though as bankruptcies tend to disrupt the work for obvious reasons!
Unacompanied minors I would assume would still be taken care of. It might not be with the smile and patience you’d normally expect, but considering the situation staff is in that would be understandable. But the kids won’t be left alone to roam the airport.
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