SECOND CHANCE LAW

When it is not possible to restructure your debt through private capital

WHAT IS THE LAW OF SECOND CHANCE?

It is a legal process that allows a person to cancel their debts by law.

Individuals and self-employed individuals in situations of over-indebtedness can take advantage of this law by negotiating new conditions.

FIND OUT IF
YOU QUALIFY

If you have any questions or want to know if you meet the requirements to take advantage of the Second Chance Law and get out of debt, at LEGONOMICS we will be happy to help you. help and accompany throughout the procedure.

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TRUST LEGONOMICS
TO SOLVE
YOUR FINANCIAL PROBLEMS

WHAT ARE THE BENEFITS?

When it is not possible to restructure your debt through private capital, a solution would be to take advantage of the Second Chance Law.

If your application is approved, you can cancel all your debts, being able to start over, without any financial burden.

At LEGONOMICS we attach great importance to this concept: SECOND CHANCE.

REQUIREMENTS TO TAKE ADVANTAGE OF THE SECOND CHANCE LAW

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The contracting party of the debt must be a natural person or a self-employed person.

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It is mandatory that you demonstrate that you do not have the resources to pay the debts.

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You must submit an attempted settlement of payments.

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You must have paid specific credits.

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Your bankruptcy has come to an end.

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The verdict of the contest does not have to have been guilty.

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The natural or self-employed person contracting the debt cannot have a conviction for economic crimes during the 10 years prior to the bankruptcy.

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The debtor must be considered a “good faith debtor”, having acted in “good faith”.

GET WITH LEGONOMICS
A SECOND CHANCE
TO START AGAIN

By following these 4 simple steps you will know if you can benefit from the second chance law in a quick and easy way.

COMPLETE THE APPLICATION FORM

Fill in the form with the peace of mind that we treat your data confidentially.

ANSWER WITHIN 24 HOURS

We study your request and a personal advisor will contact you with a tailored solution in less than 24 hours.

APPOINTMENT WITH A LAWYER

Meeting with one of our lawyers in person or by video call.

CANCELLATION OF DEBTS

Once the BEPI is granted, you will have got rid of your debts and you will be able to start over.

REQUEST LOAN

PHASES OF THE PROCEDURE
SECOND CHANCE LAW

01OUT OF COURT PHASE

Where, if the debtor is a natural person, it will begin with an application before the Notary of the address where he is residing. In businessmen or self-employed persons, the process would begin by submitting an application to the Chamber of Commerce or to the corresponding Mercantile Registry.

This phase begins with the presentation by the debtor of an out-of-court settlement of his payments, where he will expose his personal situation and must report the debts he has.

The corresponding management body in each case will provide the figure of a bankruptcy mediator who will be present at the negotiation meeting that will take place between the debtor and the creditor, in order to reach a fruitful agreement for both parties.

At this point it is mandatory to show that the creditor is acting “in good faith”.

02JUDICIAL PHASE

Also called as the phase of the consecutive bankruptcy, where the patrimony that the debtor contributes will be liquidated to be able to pay the debts. And the request will be made to obtain the BEPI (Unsatisfied Liability Exemption Benefit).

03QUALIFICATION PHASE

At this time the circumstances of the creditor will be analyzed and assessed, always taking into account whether he has acted “in good faith”.

In case of acting in good faith and it is shown that it has not acted to the detriment of its creditors, the bankruptcy will be declared fortuitous.

The liquidation of the assets will be completed and the judge will conclude on the bankruptcy.

04BEPI GRANT

BEPI granting benefit of exoneration of unsatisfied liabilities.

FREQUENTLY ASKED QUESTIONS

Pregunta cerranda

Texto 5.

Who can benefit from the Second Chance Law?

The Second Chance Law is designed for individuals, families and self-employed professionals.

The total estimate of debts cannot exceed five million euros (5,000,000 euros).

Previously, only legal persons or companies could benefit from the privilege of requesting the exoneration or forgiveness of their debts.

This Law allows individuals, families or the self-employed who cannot meet their financial obligations to benefit from the partial or even total forgiveness of their debts in order to start from scratch, without charges.

What do I have to do to benefit from the Second Chance Law?

It is necessary to hire a lawyer specializing in Financial Law to process the entire process.

The Law offers many solutions and privileges to the debtor, but that is of no use if professional advice is not sought in order to take advantage of these aids in the best possible way.

We, as lawyers specialized in Financial Law, take care of everything.

How much will it cost me to take advantage of this Law to have my debt forgiven?

Our role, as lawyers at the debtor’s service, is to ensure that hiring our services is not just another expense, but rather an investment to provide solutions that provide much more benefit than cost.

So our clients can get the help they need.

During the Second Chance Law process, the debtor must not pay his creditors, interest will be paralyzed and legal proceedings cannot be filed against him.

Thus, the Law makes it easier for the debtor to pay the fees of his lawyer, the notary and the fees of the mediator or bankruptcy administrator, which are the minimum expenses necessary to obtain the benefits provided by this Law.

How do I start to benefit from these grants?

Initially, the debtor, through his lawyers, must try to reach an amicable agreement with his creditors during a period of 2 months.

In this process, the debtor will be permanently accompanied by professionals who will look after their interests, avoiding situations of abuse.

It will be about reaching a global agreement with all your creditors that is really viable and allows you to live with dignity.

Especially avoid worsening the payment conditions of the debts, applying abusive commissions or interest to the debtor.

What happens if a viable amicable agreement is not reached with my lenders?

This is where the Law provides the main benefits for the debtor.

For this reason, it is in the interest of lenders to reach a fair and viable payment agreement that can involve forgiveness of up to 50% of debts and payment in installments of the rest in up to 10 years.

If an agreement is not reached in these terms, the consequences provided by the Second Chance Law are the possible forgiveness of all personal debt.

Are all debts really forgiven?

You can get all debts forgiven, even those linked to an asset such as a mortgage or a vehicle.

However, in relation to the debt with the Administration (Treasury, Social Security…), the forgiveness is not total but partial.

In these cases, you can get forgiveness of up to 70% of the interest and penalties, which in most cases represents a very large part of the debt, and the debtor can pay the rest in installments.

Starting in mid-2021, the debt with the Administration could be fully forgiven.

The debt related to child support, necessary for their support, cannot be forgiven.

What are the necessary requirements to be able to benefit from the Law?

Fundamentally there are two:

That the debtor no longer has money or assets of sufficient value to meet his debts.

That said debtor has shown to act in good faith.

What does it mean to be a bona fide debtor?

The requirements to be considered a debtor in good faith and therefore be able to benefit from debt forgiveness are:

That, before going to bankruptcy, they have tried to reach an out-of-court agreement with the creditors.

That you have not been found guilty in the bankruptcy. In other words, that the debt that causes the insolvency has not been caused deliberately and maliciously by the debtor himself.

That, in the ten years prior to the petition for bankruptcy, the debtor has not been benefited again by the Second Chance Law and that he has not been convicted of crimes against property, against the socioeconomic order, of documentary falsification, against the Public Treasury and Social Security or against the rights of workers.

That, in the four years prior to the request for the competition, the entrepreneur has not rejected a job offer “adequate to his capacity”.

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WHAT IS LEGONOMICS?

LEGONOMICS is a company registered in the Register of Intermediaries of Real Estate Loans of the Banco de España with the number D817 that was created with the main purpose of offering individuals and companies a second chance at a financial level.