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 the following
• Debtors in good faith: They cannot have been declared guilty in personal bankruptcy and an out-of-court settlement of their debt has not been attempted.
• Creditor contest: They cannot have taken advantage of this in the last five years, nor agreed or approved a refinancing agreement.
• Criminal record: not having incurred a crime against property, socio-economic, document falsification, workers' rights, Social Security or Public Finance in the last ten years.
• Debt volume: It must be less than 5 million euros.
From Vosseler Lawyers, we have launched a team of professionals with extensive experience in the Second Chance Law to offer solutions to those who qualify. We'll be happy to assist you.
