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Lawyers specialising in the Spanish Second Chance Act in Madrid. We advise you on debts, arrears and the whole legal process. Call us.
Which assets you keep and how long it takes to be free of debt depend on the route. We look at that before you take on any cost.
The assets are liquidated and the judge can discharge whatever debt is left, apart from the non-dischargeable debts.
When it makes sense When you have no assets to protect or your debts far exceed what you have.
You keep your assets and pay part of the debt in instalments.
When it makes sense When you have a steady income and assets you do not want to lose.
Is debt stopping you living your life? We help you apply to have it written off and start again.
Escalera & Tuset · Commercial law · Madrid
«Excellent treatment and outstanding professionals. Thanks to Pepe Dominguez Tuset, who resolved my problems.»
We check it at the first consultation, before you take on any cost.
Any individual, private or self-employed, who cannot pay their debts and acts in good faith. They must not have been convicted of certain financial offences in the previous ten years, nor have very serious penalties from the tax authority or social security, among other requirements that we check at the first consultation.
Most of them: loans, credit cards, payday loans, debts to suppliers or guarantees. Excluded are, among others, maintenance payments, civil damages arising from an offence, and criminal fines and very serious administrative penalties. Debts to the tax authority and to social security are only written off in part and up to a limit.
Yes, if you go for the discharge with a payment plan and you can keep up the mortgage; in that case the plan lasts five years. With liquidation, the home goes into the distribution if it has realisable value.
It depends on the route. With liquidation, the discharge comes when the liquidation of the assets ends. With a payment plan, the plan lasts three years, or five if you keep your main home.
Failing to comply can revoke the discharge, and the creditors would get their right to claim back. That is why we set the plan according to your income and your family responsibilities.
We give you a written quote after looking at your case and before you take on any cost. The first consultation is free and with no obligation.
First consultation free and with no obligation.
911 923 480The Second Chance Act, or Law 25/2015 of 28 July on the second chance mechanism, reducing the financial burden and other social measures, is legislation aimed at protecting people who cannot meet their debt obligations without putting their present or future assets at risk. In the first instance it opens up the possibility of restructuring the debt so that the debtor can meet it. Ultimately, however, it can lead to the debt being written off entirely.
Are you in a difficult position? Is the interest on the debt still eating up your income, and do you feel you cannot keep meeting it without seriously damaging your quality of life? Get in touch. Escalera & Tuset is a law firm with a department specialising in debt and in the Second Chance Act. Our experts will look at your case in detail and give you an honest opinion on where you stand. If you meet the requirements to use this legislation, and you want to, we will set it in motion.
Debt collection can sometimes become abusive, both before and after applying for the protection of the Second Chance Act. Rest easy, though: our Second Chance Act lawyers in Madrid will be beside you at all times to give you the legal advice you need. Our principle is clear: to defend your interests at all times and to make sure your rights prevail. To do that we will also use every administrative and legal mechanism at our disposal. Come to Escalera & Tuset and start again.
The Second Chance Act is designed to protect both private individuals and self-employed professionals who have taken on debt they cannot clear. They have to meet a series of requirements, however. Among them, the lawyers specialising in bank debt who apply under the Second Chance Act on a client's behalf have to show that the client does not have enough assets to meet the debt. The total debt cannot exceed five million euros. And there must always be good faith on the debtor's part.
The procedure for applying to use the Second Chance Act begins with drafting the application. It has to set out the facts that led to the insolvency, the overall amount of the debts, an estimate of your assets, the state of negotiations with creditors, the certificate of income,
the last three payslips and any other document showing private or public income. Once drawn up, it has to be filed before a notary or at the Commercial Registry, depending on whether you are a private individual or a business. After that it is a matter of waiting for the decision.
Among other things, to obtain the discharge of unpaid debt (known in Spain as the BEPI) you have to be an individual (which covers both private individuals and the self-employed), show good faith on the debtor's part (wanting to meet the debt but being unable to), have tried to reach an out-of-court payment agreement and not be subject to a culpable insolvency. Would you like to find out whether you meet these requirements and leave it all in the hands of a team of lawyers specialising in bank debt so that you do not have to worry? Call us. Escalera & Tuset is always at your disposal.
A firm specialising in commercial law. Corporate lawyers with real business experience. We give your company every legal service it needs.
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