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Second Chance Law

We advise individuals, self-employed people and business owners in the Marina Baixa who are insolvent and need a legal solution to deal with their debts. Spain's Second Chance Law allows, under certain requirements, the total or partial discharge of debts and a return to financial stability.

Prior feasibility study

We analyse each case individually, weighing the amount of debt, where it comes from, income, assets, existing seizures, court proceedings, guarantees or debts with public bodies. Before starting, we determine whether the client meets the legal requirements and which strategy fits best: discharge with liquidation of assets, a payment plan, negotiation with creditors or defence against ongoing claims. This prior analysis is essential to avoid unrealistic expectations and prepare the procedure properly.

The Second Chance procedure

We accompany the client throughout, from gathering documents and preparing the application to appearing before the competent court. We also help stop or manage seizures, creditors' claims, order-for-payment procedures, enforcement and correspondence with lenders. The goal is the discharge of unpaid debt when the legal requirements are met, so the debtor can start a new financial chapter without debts they cannot bear.

Debts with banks, lenders and public bodies

The Second Chance Law can cover debts with banks, credit cards, personal loans, microloans, suppliers, private creditors and, within the legal limits, certain public debts. That is why each case must be studied and a suitable strategy designed.

What we do in this area

  • Insolvency feasibility study
  • Debt cancellation
  • Discharge of unpaid debt
  • Payment plan
  • Debts with banks and lenders
  • Credit cards, loans and microloans
  • Self-employed debts
  • Seizures and court claims
  • Order-for-payment procedures
  • Negotiation with creditors
  • Personal insolvency proceedings
  • Assistance throughout the court procedure

Other practice areas