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Publicado el 5/7/2016
The so-called Second Chance Act (Law 25/2015, of 28 July) regulates a procedure useful for entrepreneurs and individuals who can not cope with their debts. If certain requirements are met, and the procedure under this Act continues, may request exemption from their debts, thus being released from their previous obligations.
Until the entry into force of this Act, employers guaranteeing debts of a business that failed were indebted for life: they would have to cope with debts and unpaid generated with all its present heritage and future !.
With this new regulation, the picture changes dramatically.
Now they may be subject to payment of court procedure to try to reach a payment agreement with its creditors by proposing a debt reduction and / or expected.
And if not achieved, will be subject to a court procedure called "consecutive contest" in which after paying off debts only to the extent you can with the heritage preserved at that time, may exonerate the rest (as long as it demonstrates the good faith and cancel the claims against the estate and privileged).
For a natural person may request this second chance, they will be required, in short: a) can not meet its obligations; b) the total thereof not exceeding five million euros; c) it has not been convicted of certain types of crime; and d) within the last five years it had not reached another settlement payments or been declared insolvent.
Also keep in mind that not all debts can be exonerated, establishing two exceptions in the law: public law credits and credits for food. And that debt relief could be revoked under specific circumstances.
The application of this law is sure to finally bring a second chance -Self-employed individuals and particulares- to rebuild their lives.
We have it on hand to discuss this opportunity, assess their applicability and consider your application.