Confession Of Judgment In New York

A Confession of Judgment is a legal document used to ensure full payment of a pre-agreed settlement amount. It is often used in cases where one party has concerns about the other party's ability to provide the full payment, particularly when the settlement amount is broken into multiple smaller payments to be paid over an extended period. In New York, as in many other states, there are specific procedures for obtaining a Confessions of Judgment.

When one party executes a Confession of Judgment, they are signing an acceptance of a legal obligation, admitting that they are responsible for paying the agreed-upon amount. This signed document can be used to obtain unpaid settlements, without the time and expense of litigation. Once executed, the Confession of Judgment is usually held in escrow by the holder of the judgment or creditor's attorney, who can file it with the county clerk if the debtor fails to make the agreed-upon payments. This allows the creditor to