On Sunday, October 15, an article entitled “How to ask for a second chance” was published in the Diario Heraldo de Aragón, regarding the insolvency proceedings of individuals and the possibility for those who avail themselves of Law 25/2015, of July 28, to be able to ask for “forgiveness” of outstanding debts, without having to carry them for the rest of their lives.
Miguel Ángel Palazón Esteban, a partner of our firm and an expert in insolvency matters, collaborated in the preparation of this document, providing a series of nuances and very relevant issues for the practical application of this procedure, of which he is knowledgeable due to his extensive experience in the insolvency field.
Two years after the approval of Law 25/2015, of July 28, 2015, which regulates the second chance mechanism, there has been an increase in the number of individuals with over-indebtedness who are beginning to resort to this method. In order to obtain the exoneration of 100% of the liabilities of the insolvency proceedings, the debtor has to go through an insolvency mediation, which has led to a considerable increase in the number of insolvency mediations in the last two years, most of which (96%) are of individuals.
In short, the second chance offers the possibility of a new beginning, allowing the person who fails to pay the debts that he/she has not been able to pay, as long as he/she has acted in good faith, and the insolvency proceeding has not been declared guilty.
The article details the procedures and requirements to benefit from the “Second Chance”, as well as other current insolvency issues, such as “express insolvency”.
The following link provides access to the full text of the article: http://www.heraldo.es/noticias/economia/2017/10/15/como-pedir-una-segunda-oportunidad-1203510-309.html