Badia)advocats advises individuals and the self-employed so that they can obtain forgiveness of their debts with the so-called BEPI’s

   

The Second Chance Law allows natural persons to apply as part of bankruptcy proceedings for the Unsatisfied Liability Exemption Benefit (BEPI) with the consequent forgiveness of their debts, provided they meet a series of established requirements to the law and without neglecting the collection rights of creditors.

At Badia)advocats we analyze each case individually, offer a personalized proposal and accompany clients throughout the insolvency process.

There are many people who, for various reasons, have been forced to carry a backpack of debts that they will never be able to repay, especially because of progressive interests that continue to accumulate day after day.

Unlike other countries in the European Union, in Spain, until 2015, natural persons did not have any mechanism that would allow them to start over and not have to answer indefinitely for their debts, unlike legal entities that they did find an end point with the creditors’ meeting.

This situation changed in 2015 with the approval of Law 25/2015, of July 28, on the second chance mechanism, financial burden reduction and other social measures (the well-known Second Chance Law) which allows the natural person debtor to take advantage of a mechanism to be able to wipe out his debts and start anew.

As the Exposition of Motives of the law itself says, its objective is that a natural person, despite a business or personal economic failure, has the possibility to get his life back on track and even to risk new initiatives, without having to drag indefinitely a weight of debt that will never be able to satisfy. In short, that anyone has the right to a second chance.

The mechanism of the Second Chance Law establishes a regulated process with judicial assistance that finally ends with the granting of the BEPI, that is, the forgiveness of the debts of all those private and self-employed debtors who have liquidated their assets and fulfill a series of requirements, all of them framed within the principle of good faith.

It is a delicate judicial procedure, like any other bankruptcy procedure, which requires the support and professionalism of specialized lawyers.

At Badia)advocats we analyze each case individually, offer a personalized proposal and accompany clients throughout the insolvency process.

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