How an obscure legal document called a “Confession of judgment” turned New York’s court system into a debt-collection machine that’s chewing up small businesses across America.
Source: Bloomberg, November 20, 2018
Story by Zachary R. Mider and Zeke Faux
Although not allowed in most states, a “confession of judgment” signed by the borrower allows a creditor, without proof, to accuse a borrower of not paying the expected monthly payment for example and then to legally seize their assets.
Read the full article at : www.bloomberg.com/graphics/2018-confessions-of-judgment