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General Interest

Second Chance Law What is it and how can I take advantage of it?

Posted on 20/1/2023

Second Chance Law What is it and how can I take advantage of it?

The Second Chance Law is a legal mechanism that individuals or self-employed individuals who have contracted a debt derived from their business or work activity that they cannot afford can benefit from.

In practice, this Law is equivalent to the bankruptcy of companies, but aimed at natural persons, whether they are businessmen, self-employed, individuals, the unemployed or even pensioners, as long as they meet the requirements established by the norm.

In this article we are going to see this Law in more detail, in force since 2015 and which, after the reform carried out in 2022, has undergone important changes.

In conclusion, this Law is a legal and real opportunity for individuals to start over and not see their life and professional activity burdened by a debt that they may have contracted in the past.

The 2022 reform streamlines and synthesizes the process for all parties involved: both for the debtor and the creditor, and even for the institutions that are in charge of managing said process.

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