The Second Chance Law was key so that this couple, who had to close their cafeteria, could get out of bankruptcy and cancel a debt of more than 240,000 euros. The case of the couple from Sant Andreu de la Barca is an example of how the Second Chance Law can offer a new opportunity to people in insolvency situations who are unable to pay their debts.
The couple, who had had to close their business, have now managed to get out of bankruptcy thanks to the Second Chance Law. His debt amounted to a total of 243,873 euros and had been derived from the professional activity of the couple, a cafeteria located in Sant Andreu de la Barca that finally had to close. Last February, Barcelona Mercantile Court No. 11 exonerated the couple from the total debt by applying the Second Chance Law. The debt in the man’s name reached 125,677 euros, an amount to which 118,196 euros linked to the woman’s name were added, a debt that had undoubtedly led the couple to an extreme situation. “The couple was very distressed, because they had seen how they got into debt and, in turn, ran out of savings, since the liquidation of the assets was insufficient to meet all the payments,” explained their lawyer. A very complicated situation that thanks to the Second Chance Law has had a favorable outcome.
In a debt situation in which the debtor can demonstrate that they have acted in good faith, have tried to reach an out-of-court agreement and have liquidated their seized assets, it is possible to avail themselves of the Second Chance Law. By doing so, it is possible to review the debt and, if the legal requirements are met and properly justified, even to exonerate the debt. It is important to check if the requirements are met, with specialized legal advice, to guarantee a favorable resolution.
The Second Chance Law offers a second chance to those people in a situation of debt who are unable to meet the payments due to insolvency, thus making it easier for them to have a new opportunity. In addition, it includes means of agreement and protection for debtors. However, in order to obtain the Unsatisfied Liability Exemption Benefit (BEPI) and cancel the debt, it is necessary to comply with the requirements of the law and process the application in the appropriate manner.
The main reason why those who are insolvent and cannot meet their debts do not take advantage of the Second Chance Law, is due to ignorance. Specifically, the couple from Sant Andreu de la Barca were unaware of the regulations. For this reason, they continued to request credits in order to try to pay off a debt that did not stop growing. The importance of legal advice is decisive in cases like this, because from the moment they had professional help they understood that they could correct their debts and request exoneration thanks to the Second Chance Law, since the situation of both complied with all the requirements.
The process to benefit from the Second Chance Law can be complicated, so it is convenient to have professional support. It is necessary to demonstrate that you have acted in good faith, as well as the previous attempt to reach agreements with your creditors and have liquidated all seized assets, demonstrating the insolvency situation. In any case, in addition to meeting the requirements, you must be able to prove it legally. Bearing this in mind, although it may be a difficult process, those people who meet the requirements will finally be able to take advantage of the Second Chance Law and thus see their debt cancelled.
The Second Chance Law is an essential tool for those who are in bankruptcy. It allows for a new opportunity to change the situation and, once good faith has been demonstrated, in a certain sense it guarantees the ability to start over. The marriage of Sant Andreu de la Barca is one more example of the importance of this law and how it can change the lives of people who, for whatever reason, find themselves in a bankruptcy situation having acted in good faith.
It is essential to offer a second chance in these situations to achieve the most favorable result possible, both for debtors and creditors. For this reason, in any situation that can be framed within the Second Chance Law, it is advisable to consult with professionals and find out if it is possible to request debt exoneration. It is clear that taking advantage of this law offers the possibility of beginning to look at the future in a different way and overcoming obstacles, as the story of the couple from Sant Andreu de la Barca demonstrates.
