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At Reestruktura, we are specialists in the application of the Second Chance Law in Zaragoza, offering individuals and businessmen the possibility of starting over. Our team of highly qualified lawyers and economists, with extensive experience in bankruptcy and insolvency law, is dedicated to providing effective and personalized solutions for those who find themselves in difficult financial situations.
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 is initiated 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 exonerated.
Debts with suppliers: Commercial debts and debts 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 Zaragoza is ready to help you overcome your financial problems and start over with a solid foundation.
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