Asset Hearing in Oklahoma

Asset Hearing in Oklahoma

An asset hearing in Oklahoma is a tool used by creditors to collect debt. if there’s a money judgement against you the person holding the judgement is entitled to file a motion with the court setting the judgement for an asset hearing.  You will be required to attend the asset hearing and its normally held in the District Court in the County the debt was acquired.

Things You Take to the Asset Hearing

Once you get notice of the asset hearing you’re required to bring financialAsset Hearing in Oklahoma documents with you. The purpose of this is so the creditor can seize assets to satisfy the money judgement. The financial documents might include your last yeas taxes, current pays-stubs and checking account information. Again, the idea is that they want to take those assets to satisfy the debt. In the event you have money in your pocket the Judge may allow the creditor to take it. If you file a bankruptcy this will stop the asset hearing in Oklahoma.

Missed Asset Hearing in Oklahoma

The most important thing about assets hearings is that you show up.  If you fail to show, for what ever reason, the court may issue a civil bench warrant for your arrest.  You will be allowed to bail out but the bond is a cash bond and the amount is usually set at the amount of the judgement.  As you can see this is a great tool that creditors can use to collect money from you and many do use it.

Oklahoma Bankruptcy and Asset Hearings

If you’ve missed and asset hearing and a bench warrant is issued bankruptcy is very helpful to you. The key is that you have to qualify and you have to file either a chapter 7 or a chapter 13 bankruptcy. Once your bankruptcy is filed the underlying debt for which the asset hearing was held is discharged. At this point you’ll have to take the bankruptcy petition to the District Court that issued the Bench warrant and the warrant will be recalled.

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