Second Chance Law
How often do you receive garnishments on your bank account?
If your salary or pension is garnished, if your bank account is garnished from time to time, if you are unable to cover all your loans, you should know that there is a solution to all of these problems through the application of the Second Chance Law.
At DSM we are specialists in the processing of this law, obtaining the elimination of debts with a 100% success rate in all cases.
Why should the Second Chance Act be dealt with by DSM?
At DSM, we study all matters free of charge in advance and only take on those which, according to our extensive experience, we believe can be achieved by eliminating all debts.
DSM’s legal department has achieved successful cases in which the main residence has been saved and cases in which a debt of two million euros has been eliminated, among the different procedures that have been handled and in which the extensive experience in insolvency procedures has been essential.
Stages of the process
Each case is unique, so we will make sure that we adapt to your specific needs, with a close and transparent approach.
Our sole objective is to offer a solution that alleviates your financial situation, being at your side at all times.
At DSM insolvency & finance, you will have a professional team that will accompany you at all times and guide you through the entire process:
Attempt at out-of-court settlements
It is initiated by submitting the application to a notary or a commercial registrar.
An insolvency mediator is appointed
An insolvency mediator is appointed who negotiates a payment plan with the creditors, which may include: Quitas and Esperas.. If the agreement is not possible or fails, it moves to the next stage.
Arrangement with Creditors and Debt Exoneration
An arrangement with creditors is declared in order to liquidate the debtor's assets. Once the assets have been sold, the debtor can apply for a discharge of unsatisfied liabilities (BEPI).
Application for exemption
Depending on the case, the exemption can be total and partial. If the debtor has no assets at his disposal, the proceedings can be terminated directly through an express insolvency proceeding.
Our Methodology
DSM will accompany you throughout the entire process, from the initial study of your case, to the preparation of the necessary documentation and throughout the process, resolving any doubts and concerns that may arise.
At DSM insolvency & finance, you will have a professional team that will accompany you at all times and guide you through the entire process:
Requirements and feasibility
First of all, we will study your case to see if you meet the legal requirements to benefit from this law.
Processing of the necessary documentation
We take care of accompanying you and processing the necessary documentation to be able to present the claim to the court requesting the application of the 2nd Chance Law.
Waiver of all debts
The entire procedure is followed up until all debts are exonerated and eliminated from the list of defaulters: we manage the removal of your name from the list of defaulters, ensuring that you will be able to access credit again in the future.
Debts that can be waived
- Personal debts, loans, credit cards, microcredits, etc.
- Business debts of the self-employed.
- Debts to suppliers and financial institutions.
*the Second Chance Law allows in certain cases special agreements to make payment more flexible.
Debts that cannot be waived
- Tax and social security debts.
- Maintenance debts (child or spousal maintenance).
- Debts due to serious criminal or administrative sanctions.
*the Second Chance Law allows in certain cases special agreements to make payment more flexible.
What do our customers think?
Case studies
Avalista logra cancelar más de 71.000 € en deudas y detener el embargo de su nómina
Matrimonio cancela casi 194.000 € en deudas y conserva su vivienda
Administrador de una Sociedad Limitada cancela más de 932.000 € en deudas gracias a la Ley de Segunda Oportunidad
Jubilado con hipoteca consigue cancelar 48.000 € en deudas y conservar su vivienda
Empresario cancela más de 39.000 € en deudas avaladas por su empresa
Do you need specialized financial advice?
Our team of experts is ready to help you overcome your financial challenges. Contact us today and discover the best solution for your situation.
