Do you know the Second Chance Act approved in Spain in 2015?
Due to the Second Chance Act you will have more possibilities to negotiate debts.
According to Wikipedia, the definition of this law is:
“The Law of Second Chance or law 25/2015, of July 28, of second chance mechanism, reduction of the financial burden and other measures of social order, is a law that was published on Wednesday July 29, 2015 in the official bulletin of the state and became effective on Thursday, July 30 of the same year, in Spain. This law is aimed at individuals, freelancers or any type of person, who over time has acquired debts that are difficult to eliminate, to be able to give a solution to them. “
Therefore, if as an entrepreneur or individual you have always acted in good faith and are insolvent. Do not be alarmed, because by adhering to the law you can start a new business without having to think about how to negotiate debts.
Do you know if you can access the Second Chance Act?
- Nor will you agree if there is a final judgment in the last 10 years against the Right and Freedom of employees.
- If you have been convicted of an offense against Social Security in the last decade, you will not be able to accept it.
- The maximum debt can not exceed € 5,000,000.
- If you have received a conviction for a crime against the Tax Agency in the last decade, you will not be able to accept it.
- The answer is no, if you have rejected an offer of work appropriate to your capacity as debtor in the last 4 years.
- It is not possible to be accepted if we have agreed to an extrajudicial payment agreement in the last decade.
- In case of agreement of a payment schedule and a viability plan, the payment deadline may not exceed 10 years.
- Guilty in a bankruptcy contest for wrong conduct? The answer will be negative.
- The individual or the company does not have money or assets to face the debts.
What is the process to negotiate debts or the cancellation of your debts?
The information that can be provided by experts in banking law and negotiation of debts throughout Spain will help you to attend your judicial summons with guarantees of winning the case and be able to cancel or negotiate the terms of the debts that you can not pay. If you know your rights you will have the opportunity to start from scratch again. The Second Chance or Bankruptcy Law is a tool that these professional lawyers can use in their favor during the long and bureaucratic process of debt negotiation.