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Requirements
What do you need to benefit from the Second Chance Law?
To benefit from the Second Chance Law, it is essential to comply with a series of specific requirements that guarantee the applicant’s eligibility. At Reestruktura, we offer a detailed evaluation of each case to ensure that our clients meet the established criteria and can benefit from this legislation. Key requirements include:
Good faith of the debtor:
The applicant must have acted in good faith, which means that they have not rejected a suitable offer of employment in the four years prior to applying and that they have not committed economic crimes.
Current or imminent insolvency:
The debtor must be in a situation of current or imminent insolvency, that is, unable to pay his debts on a regular basis. Attempt to reach an extrajudicial payment agreement: Before requesting the benefit of exoneration, the debtor must have attempted to reach an extrajudicial agreement with his creditors.
Debtor’s assets:
The applicant’s assets will be evaluated, ensuring that he or she does not have sufficient assets to cover outstanding debts.
At Reestruktura, we guide our clients through each of these requirements, offering specialist legal advice and ongoing support throughout the process. Our goal is to ensure that each client can access the benefits of the Second Chance Act efficiently and without complications.
Reestruktura
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