The law of the second chance, the law that cancels your debts to start a new life.
Have you lost everything but your debts?
The second chance law is your answer. A mechanism for insolvent people who have no assets to pay their debts that allows them to obtain the cancellation of all debts from a judge. You can watch the video summary prepared by our team at the following link.
How does it work?
If you meet the requirements, an official request is made through a lawyer and a negotiation process is initiated, which may culminate in a payment agreement or a full discharge of the debt.
How long does the process take?
Most commonly, the process between the petition and the final court decision takes between a year and a year and a half, depending on the court in which it is processed.
Which documentation do I need?
If you decide to arrange an interview or call this is a brief guide to the information we will need to assess your case:
- Marital status and details of joint or individual debts.
- Know if you have been or are registered in RETA (Special Regime for Self-Employed Workers).
- Current census registration.
- Details of assets owned and operations carried out in the last 2 years.
- Convictions for previous crimes.
- Previous bankruptcy proceedings.
- Outline of current debts:
- Do debts exceed 5 million euros?
- Are there any public or privileged debts?
- Current income.
Start afresh, no foreclosures, no anguish. Contact us to see if the 2nd chance law can be an alternative for you.