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What is the Second Chance law and how to know if a person can take advantage of it?, by Woinfi Legal

Posted on 16/3/2022

What is the Second Chance law and how to know if a person can take advantage of it?, by Woinfi Legal

Since the decree issued in 2015, a way to get out of a financial problem by legal means is the Second Chance law. This is established as an ideal option for people who have a debt, but due to their own situation they could not reach an agreement with the creditors and need to be exonerated. However, not all people who have a debt can take advantage of it, so Woinfi Legal's legal and financial advisors specify the requirements and who can make use of this resource.

The importance of having the support of specialists

Although the Second Chance Law is a legal decree that is presented as an aid to individuals and freelancers who, for reasons beyond their control, cannot afford to pay a debt and in order to benefit from it, certain requirements must be met. strict. Among its specifications, it also seeks to protect creditors and thus fulfill a double social function.

As stated in the law, this type of opportunity is granted because it has been shown that when there are no second chance mechanisms, there are clear disincentives to undertake new activities and even to remain in the regular circuit of the economy, which it disadvantages both the debtor himself and the creditors, whether public or private.

That is why, to make a request and know if it is viable, it is important to have the advice of companies such as Woinfi Legal, since they have a group of specialists in the legal area who previously analyze the case and give clear answers regarding to the specific situation of each client.

The requirements to benefit from the Second

Chance Law To benefit from this legal resource, mainly, the credit history of the debtor is examined and the case is studied to identify that the person really needs financial aid. This means that you are not looking to get rid of debt. For this reason, one of the primary requirements is to have a justification that proves that the debtor does not have sufficient assets to deal with his debts and that they were also contracted acting in good faith. It is important to mention that the amount cannot exceed five million euros.

That is why, if the request is approved, the entire debt will be exonerated, except those that have been contracted with the public administration, which can be paid in installments. For all those interested in obtaining specific information for their case, Woinfi Legal has direct contacts on its website, in addition to information on this law and other advice they provide throughout Spain.

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