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Reestruktura is dedicated to providing specialized legal solutions in the application of the Second Chance Law in Seville. With a team of lawyers and economists who are experts in bankruptcy and insolvency law, we help individuals and business owners free themselves from unsustainable financial burdens and start a new debt-free phase.
Requirements to Qualify for the Second Chance Law
To benefit from the Second Chance Law, certain key requirements must be met:
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.
Insolvency Situation: The debtor must be in a state of insolvency, that is, unable to pay debts regularly.
Attempt of Out-of-Court Agreement: Before initiating judicial proceedings, an attempt must have been made to reach an out-of-court agreement with creditors.
Insufficient Assets: The debtor must not have sufficient assets to cover the outstanding debts.
The Second Chance Law Process
The process to qualify for the Second Chance Law is divided into several essential stages:
Initial Evaluation: We conduct a thorough analysis of the client’s financial situation to determine their eligibility.
Out-of-Court Payment Agreement: We attempt to negotiate an agreement with creditors to restructure the debt in a manageable way for the debtor.
Bankruptcy Proceedings: If an out-of-court agreement is not reached, bankruptcy proceedings are initiated in court. During this process, the debtor’s debts and assets are evaluated, and a payment plan is established.
Discharge of Unpaid Liabilities: Upon conclusion of the bankruptcy proceedings, the debtor can apply for the discharge of the remaining debts, thus freeing themselves from financial obligations.
Debts that Can Be Canceled
The Second Chance Law allows for the cancellation of various debts, providing significant financial relief. The 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 debts with suppliers can also be discharged, which is particularly 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 canceled.
At Reestruktura, we are committed to defending our clients’ rights and seeking legal solutions that allow them to overcome their financial problems and start anew. We work tirelessly to negotiate with creditors and reach favorable agreements that allow our clients to fully benefit from the advantages of this legislation. Our team in Seville is ready to help you overcome your financial problems and start anew on a solid foundation.
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