What Is a Confession of Judgment?
E.J. Simonsen | May 10, 2022
What is a Confession of Judgment?
A confession of judgment, in essence, is you promising that you owe this debt. You confessing that they can obtain a judgment against you for a predetermined amount of debt and ask the court to grant them a judgment against you, based upon your confession that you owe the money.
What Happens After a Confession of Judgment Is Submitted?
What would they do with these confession of judgments? Once they've been entered in the court records, they will then use those to freeze your bank account, go to your customers, and seize that money that's due you or your business.
What to Do If You Can’t Make Your Business Loan or Merchant Cash Advance Payments
If you're unable to make your payments to one of these types of lenders or on a merchant cash advance, you need to immediately seek a local attorney to intervene for you and your business.
Every situation is unique. If you have questions, contact our office. We'd love to help you.
The material and information contained on this website is for general information purposes only. You should speak with an experienced attorney in your area before making any legal decisions.