What is a confession of judgment and should I sign?

[kathip]

I went out of business and vacated my leased space. I did not personally guarentee this lease and the business is insolvent. I have been requested by the Landlord's lawyer to sign a Confession of Judgment for 17,862.75. What does this mean and what happens if I do/donot sign it??? The State is Minnesota
kathip

 

[HomeGuru]

Was there a personal/indivdual guarantor on the lease other than you? If only the Corporation signed with no personal guaranty, then do not sign the judgement. If you do sign, you will admit to owing the money and will be personally liable. If you don't sign, L cannot come after you.