97/5000 If you are an individual, you can start the second-chance process to cancel your debts
LOAB LAWYERS gives you the necessary support to start the second chance procedure to pay off your debts, if you do not have more equity to pay them.
With the use of this procedural mechanism, you can even definitively cancel your debts.
The mechanism of the second opportunity, which is contained in the Bankruptcy Law, provides that both individuals and companies can be accommodated if they meet a series of requirements: such as not to exceed five million euros in debt and have not been convicted of crimes against the heritage in the last ten years.
The procedure begins with a phase that aims to reach an agreement between the debtor and the creditors, in order to avoid coming to trial.
In the event that the agreement does not succeed, it will proceed to declare the bankruptcy and the debtor’s assets will be seized to cover the outstanding debts.
When the debtor no longer has more resources to cancel the debt, the process of the second opportunity will begin to solve this problem and prevent the debts from being renewed.
In this way, the judge may force the partial or total exoneration of debts.
You can consult this interesting Auto by which our client obtained the exemption of the dissatisfied liabilities with final character, which has led him to eliminate completely his outstanding debts contracted with the banking entities and that continued in force even after the judicial auctions of their properties.