Individuals, legal entities, self-employed persons or families who are in a situation of insolvency, both current and imminent, and who anticipate not being able to make the payments to which they are obliged, can benefit from this law.
The requirements to qualify for the Second Chance Law are as follows
• Debtors in good faith : they cannot have been declared guilty in personal bankruptcy proceedings and an out-of-court settlement of their debt has not been attempted.
• Bankruptcy proceedings : they cannot have filed for bankruptcy in the last five years, nor have agreed or approved a refinancing agreement.
• Criminal record : not having committed a crime against property, nor socio-economic, nor document forgery, nor against workers' rights, nor against Social Security nor against the Public Treasury in the last ten years.
• Debt volume : must be less than 5 million euros.
At Vosseler Abogados , we have assembled a team of professionals with extensive experience in the Second Chance Law to offer solutions to those who may be eligible. We would be delighted to assist you with your case.
