Woman, about 50 years old and resident in a small municipality of Tenerife “without being able to give you more information due to confidentiality,” the sources point out. It is the profile of the Tenerife woman who achieves cancel your debt of 350,000 euros thanks to the Second Chance Law. The exonerated woman, after suffering a medical leave, could not face the loans who had requested three financial entities– and their corresponding interests – to help their family. The ruling handed down by the magistrate of the Court of First Instance number 4 of Santa Cruz de Tenerife grants the defendant the technically so-called Benefit of Exoneration of Unsatisfied Liabilities (BEPI) against the plaintiffs. In this case, two banks, a consumer credit financial institution and the Tax Agency itself, represented in the case by the State Attorney, since the affected party was also unable to meet its obligations with the Treasury after undergoing a change with the progressive deterioration. in their economic situation.
The process
Repair your Debt Lawyers, a leading firm in Spain in the processing of the Second Chance Law, starred in the judicial process of this Tenerife-based woman until the debt was cancelled. The origin of her is that her “blood” family (she has a son) came to her because she had a good salary at the time. Due to the medical leave, the amount owed, together with the interest incurred, caused him to fall into a situation of insolvency.
The details
As the firm’s lawyers explain, this woman’s case is summarized in that “the debtor requested a loan for the family with the condition that they would pay it.” Finally, “they could not take care of the amount owed and she had to assume it.” Months later, “due to a health problem, she was on medical leave and her income was drastically reduced.” To pay the loans, she “requested new loans and a large amount accumulated that she was unable to repay.” An amount that totaled 350,000 euros to become one of the largest of these cases in Tenerife.
The law
Spain incorporated the Second Chance Law into its legal system in 2015. The origin of the legislation is located in USA for more than 100 years now. Although figures of the magnitude of Walt Disney or Steve Jobs benefited from it, the majority were unknown and anonymous people who could not assume its debts. Her spirit is to offer a second chance to those who have experienced apparent failure. In this way, unjustified stigma is also eliminated.
The office
Repair Your Debt Lawyers began its activity in September 2015, the same year in which the Second Chance Law began. Since then, it has exceeded the figure of 180 million euros exonerated to more than 20,000 people from different autonomous communities. The objective is not to leave anyone without that second chance and so that they can start again from scratch, reactivating themselves in the economy, and also stopping receiving the distressing calls from banks and financial entities. This figure is expected to continue increasing in the near future due to the greater level of knowledge of the legislation.
The requirements
This law allows both individuals and the self-employed to be exempt from their debts if they meet a series of requirements. In general, it is sufficient that the bankrupt has not been convicted of socioeconomic crimes in the last ten years or that he acts in good faith at all times. It is no longer in force, as was the case at the beginning, that the amount due does not exceed five million euros.
