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Second Chance Law in Alicante
Requirements to qualify for the Second Chance Law
Reestruktura is dedicated to providing specialized legal solutions in the application of the Second Chance Law in Alicante. With a team of lawyers and economists experts in bankruptcy and insolvency law, we help individuals and businessmen to free themselves from unsustainable economic burdens and begin a new stage without debt.
To qualify for the Second Chance Law, the requirements include:
Good faith of the debtor: Not having rejected a suitable job offer in the last four years and not having committed economic crimes.
Current or imminent insolvency: Being unable to pay debts regularly.
Attempt of out-of-court payment agreement: Having tried to reach an agreement with creditors before initiating judicial proceedings.
Debtor’s assets: Not having sufficient assets to cover the debts.
The Second Chance Law Process
The process is divided into several stages:
Initial evaluation: We conduct a detailed analysis of the client’s financial situation to determine their eligibility.
Out-of-court payment agreement: We try to negotiate an agreement with creditors to restructure the debt.
Bankruptcy proceedings: If an out-of-court agreement is not reached, judicial proceedings are initiated in the competent court.
Discharge of unpaid liabilities: Upon conclusion of the bankruptcy proceedings, the debtor can apply for the discharge of the remaining debts.
Legal Advice in Alicante
Debts that can be canceled
The Second Chance Act allows for the cancellation of a wide variety of debts, providing significant financial respite to those who find themselves in a situation of insolvency. Debts that can be canceled include:
Debts with financial entities: Personal loans, credit cards, and other types of bank financing can be discharged.
Debts with suppliers: Commercial debts and those with suppliers, which is especially relevant for small business owners and freelancers.
Debts with Public Administration: Although with certain limitations, it is possible to cancel debts with the Tax Agency and Social Security.
Debts from guarantees: In some cases, debts resulting from having acted as a guarantor can be cancelled under this law.
At Reestruktura, we are committed to ensuring that every client can access the benefits of the Second Chance Law efficiently and without complications. We work tirelessly to negotiate with creditors and reach favorable agreements that allow our clients to fully benefit from this legislation. Our team in Alicante is ready to help you overcome your financial problems and start anew.
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