New Iberia, LA asked in Contracts for Louisiana

Q: We signed a confession of judgement after we took out a business loan, the payments were daily and our business failed

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1 Lawyer Answer

A: I am not sure what you are asking. Can you please elaborate? In general, it is not uncommon for a credit to seek a confession of judgment in exchange for standing down on collection efforts for a period of time. The idea is if the debtor fails to become current on the debt, the creditor saves the unnecessary time and expense of proving there is a debt owed or the amount of the debt. More facts would be needed to evaluate your specific scenario to see if you have any available defenses.

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