Practice areas
Ley de Segunda Oportunidad (Second-Chance Law).
Your debts can have a way out.
Do you have debts you cannot pay? The Ley de Segunda Oportunidad (Spain’s second-chance debt-relief law) is a legal mechanism that lets individuals and the self-employed cancel part of their debts (in some cases most of them) and start over. We know how much it weighs to live with debt-collection calls and the feeling that you will never climb out of the hole. You are not alone in this. We are lawyers who focus on this procedure, and the first thing we do is study your case calmly: how much you owe, to whom and what your situation is. Cancelling the debts depends on the legal requirements and on each case. The law calls it «exoneración del pasivo insatisfecho» (the discharge of unpaid debt), and we explain it to you honestly. Your debts can have a way out; let us look at it together.
Practice areas
How we work
Viability assessment
First of all, we analyse your full situation: what debts you have, with whom, what assets you own and what your income is. With that, we tell you honestly whether your case meets the requirements to use the Ley de Segunda Oportunidad (Second-Chance Law) and what realistic outcome you can expect. If it is not the right path for you, we will tell you that too. This first step is key to avoiding false expectations.
Preparing and filing the insolvency proceedings
If your case is viable, we gather the paperwork and prepare the application for the procedure (the concurso de acreedores (insolvency proceedings) for individuals). Depending on your situation, it may be useful to attempt a negotiation with your creditors first; in other cases we file directly with the court. We handle all the formalities, keeping you informed at every step so you understand what is happening at all times.
Debt discharge (EPI)
The goal of the process is the exoneración del pasivo insatisfecho (EPI, the discharge of unpaid debt): for the judge to declare cancelled the debts that the law allows to be discharged. Once the requirements are met, you can be freed from a large part of your debts and start over. The discharge depends on each case and on the legal conditions, and not all debts can be cancelled. We are with you all the way to this final stage and explain the real scope of the decision.
Frequently asked questions
Who can use the Ley de Segunda Oportunidad (Second-Chance Law)?
It is available to individuals (private persons and the self-employed) who are insolvent, meaning they cannot meet their debts. You are usually required to have acted in good faith, not to have been convicted of certain economic offences, and to cooperate during the process. Each case has its nuances. We study your situation and tell you honestly whether you meet the requirements.
Which debts can be cancelled and which cannot?
Most private debts can be cancelled: loans, credit cards, microloans or debts with suppliers. Debts owed to the tax authority and Social Security have special rules: the law sets specific limits and conditions on what portion can be discharged, and this varies by case. Maintenance payments and civil liability arising from a crime cannot be cancelled. We review your debts one by one and explain precisely what can be discharged in your specific situation.
Will I lose my home or my car?
Not always. It depends on your situation, the value of the assets and the debts you have. There are cases where it is possible to keep your main home, for example if you keep paying the mortgage normally. With a car, something similar applies depending on its value and use. We cannot give a one-size-fits-all answer because each case is assessed on its own. Tell us what you have and we will analyse it with you.
How long does the process take?
There is no fixed duration that is the same for everyone. It depends on how complex your case is, the number of creditors and the workload of the court handling it. As a rough guide it usually takes several months, and in the most complex cases it can take longer. We cannot promise an exact timeframe, but we can keep you informed of which stage your file is at at any moment.
How much does it cost?
It depends on how complex your case is, the number of creditors and the work involved. That is why we do not give an off-the-shelf price. What we do is give you a fixed, written quote before we start, so you know from the outset what is included and what it costs, with no surprises. In the initial viability assessment we explain everything clearly.
Will I be removed from the defaulter registries (ASNEF)?
When a judge declares a debt discharged, that debt is no longer enforceable. The creditor has an obligation to notify defaulter registries such as ASNEF so that your records are updated; if they do not, you can demand that they do. It is not always immediate or automatic. As part of the process, we help you ensure your information is correctly updated once the relevant debts have been cancelled.
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