If you are unable to pay part or all of the debts in Spain, at Welex, law firm in Marbella, we can help you to renegotiate or even eliminate all or part of your debts when you are unable to make the payments in Spain.

For this reason, in this blog we are going to talk to you about something that I am sure many of you do not know about, and that is the insolvency proceedings for individuals in Spain.

This law is aimed at individuals and the self-employed who are overwhelmed by their debts in Spain situation and who, due to circumstances beyond their control, are unable to meet their payments, giving them the opportunity to “get their lives back on track and even risk new initiatives, without having to drag around indefinitely a debt burden that they will never be able to meet” (Explanatory Memorandum of Royal Decree-Law 25/2015).

Therefore, a person who has several creditors can file for voluntary insolvency proceedings, and from that moment on, the attachments will be lifted, and executions cannot be exercised, as all the assets will belong to the insolvency proceedings’ liabilities.

If you are interested in knowing more about the second chance law in Spain, keep reading here.

La entrada The second chance law in Spain se publicó primero en Lawyers Costa del Sol Spain.