Q: In NY, am I able to sign a settlement agreement with a stipulation to vacate a confession of judgement?
I signed a COJ and and only afterwards found out that it would negatively affect my credit. I was told that if I sign a settlement agreement I can still pay the money I accept liability. Plus if there is a stipulation for vacating the original COJ then it won't hurt my credit.
In more detailed legalise, CPLR 5015(b) allows for a default judgement to be vacated by stipulation, while a regular judgement can only be vacated under certain circumstances. Where does a COJ fall under? It is, I believe, a clerk ordered judgement like a default judgement. Therefore perhaps then the COJ can be vacated through stipulation. However, if the COJ is judgement like a regular judge ordered judgement, then it would be possible to vacate through stipulation. (I guess on that note, is it even possible to vacate a judgement through stipulation? Wouldn't that be counter to finality?)
A: Having a delinquent debt marked settled will still hurt your credit, but not has much as a recorded judgment on the public record.
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