In 2015, the Law 25/2015 of Second Chance Mechanism, which is still unknown and very little used in our country, despite the great advantages it presents in certain cases of insolvency of individuals.
Following the procedure regulated in the Second Opportunity Law, individuals who meet certain requirements can be totally relieved of their debts with financial entities, suppliers, individuals and companies. Also in this procedure, as confirmed recently Supreme Court Judgment dated July 2, 2019, you can get the release of a very important part of your debts with public bodies (Social Security, Finance, etc ..).
RIBELLES ABOGADOS has successfully completed several procedures in which it has been possible to free individuals from their debts, who in their economic situation found it impossible to recover or restart any type of economic activity. Especially significant is the case of a Valencian pharmacist who managed to keep her usual home free of charges and embargoes, in one of the most progressive resolutions issued in Spain in recent years, the Commercial Court Court No. 3 of Valencia dated March 9 of 2016, which had a special impact in the media.
Although the bankruptcy procedure we referred to was initiated prior to the publication of the Second Opportunity Law, a petition was introduced that analyzed the comparative law and resolutions of European and international bodies in relation to the possibility of housing conservation and unattachable certain assets.
Likewise, some of the procedures requested have allowed individuals to access the second opportunity, with the preservation of their habitual residence, in those cases in which they are interested in continuing to pay the mortgage that weighs on the dwelling, for example due to the advanced state of return of the mortgage loan, or because the mortgage fee is cheaper than a rent.
This option was already accepted in April 2015 by the Commercial Court No. 10 of Barcelona, and begins to be accepted in the Commercial Courts of Valencia.
If you have debts that you cannot afford, do not hesitate to contact us to verify the possibility of taking advantage of the Second Opportunity and advising on how to start the procedure in a notary or Commercial Registry and, later, in the court.
FRANCISCO ORTIGOSA / JULIO RIBELLES
