A “confession of judgment” is an agreement where a party agrees to have a judgment entered against them on the basis of a pre-existing contract. A “confession of judgment” provides a mechanism where a judgment can be entered against a debtor so long as certain prerequisites and notification provisions are followed. A “confession of judgment” eliminates the need to engage in a full-blown trial to adjudicate liability. In order to collect amounts owed pursuant to a “confession of judgment”, a creditor must follow certain prescribed rules of procedure. Executing on a “confession to judgment” requires strict adherence court rules before financial recovery can be realized. For this reason, it is advisable to consult a knowledgeable attorney familiar with “Confessions of Judgment” in order to recover monies due and owing from a debtor. For more of information, contact the Law Office of Joseph M. Adams at 215-996-9977.
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