One of the failures of the Second Chance Law is ignorance. The debtor turns to the lawyer when he has already lost everything, is repossessed and has no liquidity. It is necessary to take into account that only 3 requirements that most of the self-employed and individuals fulfill, and therefore can benefit from it, have to be met. However, as in everything, resorting to time is essential:


1.- First of all, be a debtor in good faith and not be the subject of a guilty bankruptcy. In other words, the employer must demonstrate that he has not been irresponsible (there has been no intent or gross negligence) in having led to this process.
2.- Not having been criminally convicted of crimes against property, falsification of documents, against the Treasury and Social Security.
3.- Having paid the credits against the estate (generated after the bankruptcy, such as lawyer or notary expenses) and the privileged bankruptcies (mortgages and debts with the Treasury and Social Security).

The first two are fulfilled by most of the businesses that can benefit from this Law, the last of them is the one that the offices find the most difficulties, because when the client arrives at the lawyer, it is usually by someone known who comments to him but when he has already lost everything, closed months ago, the banks and the Treasury and Social Security behind, and without the possibility of maneuvering being in a state of absolute bankruptcy and without resources.

Even so, this process is always a better solution than a lock on the door, because it does not free the debtor and he cannot start a new activity. In Spain, some 19,500 files under the Second Chance Law have allowed the release of debts of € 600,000 or € 900,000 in the most recent case.

Of course, it is convenient to clarify that the assets that you had at that time, houses, cars, etc., must be available to the payment of creditors as far as it covers, being released from all the rest. Often times, clients expect that the Second Chance Law will allow them not to pay and keep their assets, which is not possible unless an agreement is reached that allows the debtor to keep some of their assets.

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