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Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Bankruptcy Law
Satisfied Customers: 17883
Experience:  B.A.; M.B.A.; J.D.
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does bankruptcy stop a confession of judgement?

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does bankruptcy stop a confession of judgement?
Hello: This is PhillipsEsq. I am a licensed Attorney and I will be assisting you today.

does bankruptcy stop a confession of judgement?

Response 1: Yes, it does. If the company does not object to the dischargeablility of the debt and succeeds and you obtain Discharge Order from the Court, the debt would be discharged in your bankruptcy.

Optional Information:
Country relating to Question: United States
State (if USA): New York
What have you tried so far?: I work in brokeridge firm, i had two arbitrations as a result of the crash a few years ago.The firm settled instead of arbitration proceedings.The owner of the firm conned, minipulated coerced,and threatened me to sign a "confidential agreement" to pay the firm back -in full! I want to fight because they took advantage of me. Can i fight against coersion?

Response 2: Yes, you can. However, if you file for bankruptcy and the confession is rendered null and void, there would be nothing to fight.

also, there is a "confession of judgement" attached to the agreement that states the firm can still file a confession of judgement against me if i file for bankruptcy.

Response 3: That agreement is not enforceable. You cannot waive the rights granted to you by the Bankruptcy Code.

if i file for bankruptcy, can the firm still make a claim against me for the monies? p.s. i asked the first question and didnt get an EXACT answer. Please let me know if the firm can still come after me for the monies after i file for bankruptcy. thank you wayne m.

Response 4: No.

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Customer: replied 3 years ago.

ok, thank you. i am not with the firm any longer. as you know i was coerced into signing a confidential agreement with them. in this agreement,there is an Affidavit of Confession of Judgement. it further states that if i file for relief, the firm can present and file with and to FINRA. can Finra enforce this if it goes to bankruptcy and gets dismissed?


thank you


wayne m

ok, thank you. i am not with the firm any longer. as you know i was coerced into signing a confidential agreement with them. in this agreement,there is an Affidavit of Confession of Judgement. it further states that if i file for relief, the firm can present and file with and to FINRA. can Finra enforce this if it goes to bankruptcy and gets dismissed?

 

 

Response: You meant to say if you obtained a Discharge. Yes, the agreement cannot be enforced." Discharge" means that the Bankruptcy was successful and your debts have been wiped out and agreements rendered null and void.

 

 

"Dismiss" means that your bankruptcy case was dismissed and therefore not successful. In that case the agreement would still be enforceable.

Phillips Esq. and other Bankruptcy Law Specialists are ready to help you