The recent market downturn has E&P companies taking a hard look at the creditworthiness of their JOA counterparties and planning for potential bankruptcies. This session provides practical advice for these situations. The session first focuses on actions that a company can take before a bankruptcy filing, at execution of the JOA and when a counterparty begins showing signs of distress. Next, the session focuses on the time period after the counterparty has filed for bankruptcy protection and ways to optimize outcomes within the bankruptcy process. The presenters discuss these issues as they relate to operators and non-operators under the AAPL Form 610 Model Form Operating Agreement.