Second Chance Law

With Law 25/2015, of July 28, on the second chance mechanism, reduction of the financial burden and other social measures, the possibility of accessing this mechanism was opened in Spain, which had been used for years in other countries. Europeans and the United States.

Both individuals and the self-employed have this mechanism at their disposal to reverse a situation of over-indebtedness or economic blockage due to not being able to meet their debts.

What does it consist of?.
In the first place, we try to reach a payment agreement with the creditors according to your possibilities. During this process, which cannot last more than two months, the debtor will have to propose a plan and a payment schedule that Tasaley lawyers will help to prepare.

In case of not reaching said agreement, as usual, the next step is to enter the consecutive bidding phase. It will be at this time when the Judge can exonerate the debtor of his debts. For this you can request the Benefit of the Exemption of Unsatisfied Liabilities (BEPI), or what is the same, the total cancellation of your debts.
You will be able to start from scratch and you will not have to face your debts with your future assets.

What debts will I not be able to cancel?
Excluded from this procedure are debts contracted with the Treasury and Social Security, as well as new debts that are generated.


What happens to my mortgage? 100% of the mortgage debt could be canceled with a dación en pago de facto, or what is the same, once the home is delivered, the debtor may be exonerated from the payment of the part of the loan that remains to be paid.


Will my debts disappear forever?
The cancellation of the debts will become effective after 5 years. In that period of time the case can be reviewed.