Also…
At Reestruktura, we offer our specialized services in the application of the Second Chance Law in Castellón, helping individuals and entrepreneurs overcome their financial problems. Our team of lawyers and economists, with extensive experience in bankruptcy and insolvency law, provides personalized and effective legal solutions. Requirements to qualify for the Second Chance Law. To benefit from the Second Chance Act, you must meet certain key requirements:
Good faith of the debtor: The applicant must have acted in good faith, which implies not having rejected a suitable job offer in the last four years and not having committed economic crimes.
Insolvent situation: The debtor must be in an insolvent situation, that is, being unable to pay debts on a regular basis.
Attempt at an extrajudicial agreement: Before starting the judicial procedure, an attempt must have been made to reach an extrajudicial agreement with the creditors
Insufficient assets: The debtor must not have sufficient assets to cover outstanding debts.
The Second Chance Law Process
The process to benefit from the Second Chance Law is divided into several essential stages:
Initial Assessment: We conduct a thorough analysis of the client’s financial situation to determine eligibility.
Out-of-court payment agreement: We attempt to negotiate an agreement with creditors to restructure the debt in a way that is manageable for the debtor.
Bankruptcy procedure: If an out-of-court agreement is not reached, a bankruptcy procedure begins before the court. During this process, the debtor’s debts and assets are evaluated, and a payment plan is established.
Exoneration of unsatisfied liabilities: At the end of the bankruptcy procedure, the debtor can request the exoneration of the remaining debts, thus freeing themselves from their financial obligations.
Debts that can be canceled
The Second Chance Law allows for the cancellation of various debts, providing significant financial relief. Debts that can be canceled include:
Debts with financial institutions: Personal loans, credit cards and other types of bank financing can be exempt.
Debts with suppliers: Commercial debts and with suppliers, which is particularly relevant for small business owners and the self-employed.
Debts with Public Administration: Although with certain limitations, it is possible to cancel debts with the Tax Agency and Social Security.
Debts for guarantees: In some cases, debts derived from having acted as guarantor can be canceled.
At Reestruktura, we are committed to ensuring that each 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 the benefits of this legislation. Our team in Castellón is ready to help you overcome your financial problems and start again with a solid foundation
Reestruktura
Specialized Services
