What is the benefit to signing a confession of judgement?
A confession of judgment is something that can be recorded and becomes a judgment without the credit card company going to court to get a judgment against you – which is what they normally do. With that, they can garnish your wages and clear out your bank accounts to pay the debt. I would seriously resist ever signing a confession of judgment because of that. They should settle the balance with you in exchange for either a one-time lump sum payment or monthly payments. If you stop paying the payment, they can then file a lawsuit against you to collect.
