Very often, our business debt relief lawyers come across many entrepreneurs looking for help resolving a Confession of Judgment in New York. A Confession of Judgment is an affidavit that a business owner may be be asked to sign when obtaining financing and is usually part of the Merchant Cash Advance agreement. Upon default, a Confession of Judgment is a very useful tool for the lender.
Should I sign a Confession of Judgment?
By signing a Confession of Judgment, you are giving a tremendous amount of power to your lender. In fact, without providing any notice to you, your lender may file the Confession of Judgment and obtain a judgment. This takes away your opportunity to dispute the claim or to defend further action taken against you. Furthermore, the lender may seize your bank account, issue wage garnishments and place liens.
If you have already signed a Confession of Judgment, there are fews ways through which you can obtain relief.
Resolving a Confession of Judgment In New York
There are some circumstances that may make it possible to vacate a confession of judgment. Such instances include:
- if the action that triggered the Confession of Judgment did not actually occur
- if the COJ is facially inadequate.
Help with Resolving a Confession of Judgment in New York
Our business debt relief lawyers have assisted clients resolving a Confession of Judgment in New York. Irrespective of whether your Confession of Judgment is attached to a Merchant Cash Advance agreement or any other business debt, our attorneys can create a strategy that is best suited for your financial situation. During your free initial consultation, we will:
- Completely analyze your situation.
- Discuss the various strategies available to you.
- Recommend a debt relief plan.
- Answer any questions you may have.
Schedule your free consultation with our experts today.