Spain, like the rest of the world, has suffered numerous economic shocks which have caused a large part of the population has not survived to the same. To this end, we have created mechanisms very interesting to address the defaults and to some extent give us a “second chance”

Maybe you’ve logged on to this blog because you have some kind of financial problem, debt that you could not cope that you care about. This situation is common, don’t panic, you can fix it and now I’m going to explain how.

The first step before starting is to meet a series of requirements that requires such procedure and it is basically show some insolvency with debts and economic vulnerability.
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  • Debts to private entities, and creditors to those who can’t pay, they may also exist with public administration but these may not be removed.
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  • Lack of goods, properties, and liquidity in general
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    2. How do I eliminate debt?

      In the first place, is going to try to reach a payment agreement between the person liable and the companies to which you should (let’s imagine a scenario in which you negotiate to pay the 1% of the amount of the total debt), in general, are not going to want to reach an agreement of these characteristics and will try to refuse the offer.

      How they are not going to accept such a proposal, then, is going to request way back before a judge the BEPI (The benefit of the Exemption from Liability Unsatisfied) what that would imply a cancellation of the total debt, demonstrating in any way that we can not do in front of those debts.

      To convince a judge that we are vulnerable is not an easy task, as it will try to squeeze all the money, properties and others through the inspections very thorough. Although, on the other hand, if you have sufficient grounds, the judge is not going to take in to give you the reason.

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    4. What is the process to remove debts?

      The process is slow, it may take between 1 and 2 years, on average, but the results are usually very good.

      First, you must get to an agreement by which you are going to negotiate the amount that the debtor can pay. This negotiation is carried out through a trustee in bankruptcy. In this step alegaremos that the only debt that we can pay (taking into account all of the expenses that we have, is minimal.

      Therefore, we will negotiate with the creditors the conditions of return taking into account all of the factors by which we come to the end of the month a little righteous.

      In any case, they’re not going to accept our proposal as it will imply a big loss of the amount. Subsequently, through the judicial route, we will cancel and exonerarnos of the debt.

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    6. What are the benefits of not having debt?

      The measure is addressed to self-employed or individuals that have an economic blockade that will not let them move forward in their working life or professional, for not being able to pay off the debt. Until recently, only companies could declare its insolvency, can also now do it people.

      Among the main advantages we have the possibility of requesting financing disappear listings loans, go back to having credit cards and start from scratch.

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    8. how can I make use of the Law of the Second Chance?

      Among the requirements we have:
      – Show that there is no equity to pay off debts
      – The debts can’t exceed 5 million euros
      – The debtor must be of good faith

      It will be necessary to surrender the property and assets, except those which serve for the development of the professional activity (trucks, machinery, taxis, local, shopping,…)

      The debtor must have good faith, so that it has attempted to reach a settlement, not having gone to the LSO in the previous 10 years , have not been the cause of economic crimes.

      It will be requisite also, not having rejected job offers in the last 4 years.

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    10. What is the procedure of the second chance?

      The first step is going to be the renegociación of the debt with the other creditors and people who claim money. This agreement will be guided by a judge, there will also be the figure of a manager bankruptcy to reach the agreement. The mediator shall be chosen by the notary.

      During this agreement, you must propose a plan and schedule of the payments to tackle all of the debts, this negotiation is set in a term prescribed in 2 months.

      The second step, is to exonerate the liability is not satisfied, when the agreement has not been carried out, then the court may waive the debt (100% of this). On the other hand, the creditors may oppose the decision when there are assets hidden, other reasons substantiated legally.

      6. What debts can I eliminate with the law of the second chance?

      The debts with the Treasury and Social Security may not be included in the law of the second chance.

      In the case of mortgages, they will be out of the Law of the Second Chance, does not mean that the law may not be applied to the mortgages. Indicates us the law that if you do not get enough money to pay it once it is sold the same, you will still owe the remaining.

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    12. how can I eliminate debt forever?

      Debts disappear effectively, after 5 years. During the period, you will not have to pay the same, but is the stipulated time for review of the case, if the creditors request it. If it is suspected that there is good faith, then you will be able to present evidence to the judge.

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    14. did you Profile Advisor you can get remove my debts?

      Since the passage of the law in 2015, Profile Advisor, has become the leading company in saving wealth. We have lawyers experienced in bankruptcy law, with a great number of successes in the field. We’ve got a success in all cases in Palma de Mallorca.


    David Rueda

    Autor David Rueda

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