Todd Christenson filed for chapter 7 bankruptcy in November 2010. In February 2011, a federal bankruptcy court in Minnesota discharged Christenson’s debts and, later the same year, closed the case. But almost 15 years...more
A recent decision from the Southern District of New York provides insight for creditors seeking to enforce judgments against debtors who subsequently file for bankruptcy. In Honeedew Investing LLC v. Abadi, No. 24 Civ. 6434...more
A confession of judgment has often been viewed as an important tool in settling a litigation or finalizing a transaction. In 2019, the New York State Legislature made some significant amendments to the Confession of Judgment...more
Traditionally, California permitted judgments by confession are subject to certain limitations, such as requiring an independent attorney to examine the proposal and advise the debtor on the waiver of rights and defenses. As...more
New York attorneys representing commercial lenders often find use for the confession of judgment. This unique tool enables creditors to obtain a monetary judgment against debtors by filing a previously executed affidavit,...more
From time to time, a contract will have a “confessed judgment” clause in it. These clauses can be a valuable tool in an agreement. Take for example, an agreement to lend money. If my agreement with you to lend you money...more
COVID-19’s impact on the economy has created a myriad of issues for the business community. Perhaps the most common is managing cash flow at a time when most customers have delayed payments because they need to “dig out”...more
A recent decision from the Maryland Court of Appeals provided somewhat surprising new guidance on the permissibility of confessed judgment clauses in consumer contracts. In Goshen Run Homeowners Association, Inc. v. Cisneros,...more