Three people residing in the regions of Selva and Alt Empordà have obtained the cancellation of a total of 127,589 euros of debt through the Second Chance Law. The firm that has managed the procedures has reported the favorable resolution for those affected, who were in a situation of insolvency after opening small businesses in their municipalities.
Debt cancellation in La Selva and Alt Empordà
A resident of the Selva region has seen 53,831 euros exonerated. The woman resorted to credits to finance the rent and the fitting out of a bar, but the business did not generate the expected profitability. According to the firm, she tried to maintain the activity with new loans until she was finally forced to close. To this situation was added a period of job instability, with temporary jobs, which resulted in more loans that she could not repay.
In Alt Empordà, a woman mother of two children has achieved the cancellation of 36,926 euros. She invested in a gift shop, but also did not achieve the expected results and had to request more financing to sustain the business, which ended up closing. Subsequently, according to the statement, she sought work unsuccessfully and, by not receiving benefits, entered into insolvency.
The third case corresponds to a man from Alt Empordà, who has obtained the exoneration of 36,832 euros. The firm points out that he tried to reverse the situation of over-indebtedness, although finally he had to resort to the debt cancellation mechanism.
Requirements and application of the Second Chance Law
The Second Chance Law, approved in Spain in 2015, allows people in a situation of insolvency to opt for the exoneration of their debts if they meet certain requirements. Among them, not having been convicted of socioeconomic crimes in the last ten years, not having resorted to the mechanism in the previous five years, being in insolvency and acting in good faith, without concealing assets or income.
The firm that has processed these procedures began its specialized activity in September 2015. Since then, it has managed to exceed the figure of 400 million euros exonerated for people from different autonomous communities.
- A woman from La Selva has seen 53,831 euros of debt cancelled after the closure of her bar
- In Alt Empordà, a mother of two children has been exonerated from 36,926 euros
- A man from the same region has obtained the cancellation of 36,832 euros
- The total debt exonerated in these three cases amounts to 127,589 euros