How to cancel debts thanks to the Second Chance Act

Do you know the Second Chance Act approved in Spain in 2015?

Thanks to the Law of Second Chance you will have more possibilities to cancel debts.
According to Wikipedia, the definition of this law is:

“The Law of Second Chance or law 25/2015, of July 28, of second chance mechanism, reduction of the financial burden and other measures of social order, is a law that was published on Wednesday July 29, 2015 in the official bulletin of the state and entered into force on Thursday July 30 of the same year, in Spain, this law is addressed to individuals, self-employed or any type of person, who over time has acquired debts that are difficult to eliminate, for to be able to give a solution to them. “

Therefore, if as an entrepreneur or self-employed person you have always acted correctly and you are insolvent or insolvent. Do not worry, because by accepting this law you can start a new business without having to think about how to cancel debts.

Do you know if you meet the requirements to be able to access the Second Chance Act ?

  • You can not accept if you have received a conviction for a crime against Social Security in the last decade.
  • Nor will you agree if there is a final judgment in the last 10 years against the Right and Freedom of employees.
  • Not to have rejected an offer of work adequate to the capacity of the debtor in the last four years.
  • The maximum of the liability can not exceed € 5,000,000.
  • You can not be accepted if you have received a conviction for a crime against the Tax Agency in the last decade.
  • In the case of the establishment of a payment schedule and a viability plan, the payment deadline may not exceed 10 years.
  • It is not possible to be accepted if we have agreed to an extrajudicial payment agreement in the last decade.
  • The individual or the company, as the debtor, does not have money or assets to face the debts.
  • Not having been guilty in a bankruptcy proceeding, as debtor, for fraudulent conduct. 

What is the procedure to be able to cancel debts or the renegotiation of your debts?

The information that can be provided by experts in banking law and negotiation of debts throughout Spain will help you to attend your judicial summons with guarantees of winning the case and be able to cancel or negotiate the terms of the debts that you can not pay. If you know your rights you will have the opportunity to start from scratch again. The Second Chance or Bankruptcy Law is a tool that these professional lawyers can use to their advantage during the long and bureaucratic process of debt reunification.

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