Second Chance Law in Vigo
What is the Second Chance Law?
The Second Chance Law is a legal tool designed to allow individuals and self-employed people to restructure or cancel their debts and start again. This regulation offers a way out to those people who, acting in good faith, have reached a situation of insolvency that is impossible for them to overcome by their own means.
At Lexnova, we understand the importance of having a second chance to re-establish your financial and personal stability. Our team of experts will guide you through the entire process, ensuring that you make the right decisions to free yourself from the burdens that are holding you back.
Benefits of the Second Chance Law
Debt Relief
One of the greatest benefits of this law is the possibility of having your debts fully or partially forgiven. Depending on your situation and the nature of your debts, you may be able to get a full discharge, allowing you to get a fresh start without the financial burden that has been holding you back.
Protecting Essential Assets
Thanks to recent reforms in the law, there is the possibility of keeping your primary residence and other essential assets while you reorganise your debts. This is essential to ensure the well-being of you and your family during and after the process.
Avoid Total Liquidation of Assets
If you meet the necessary requirements, the law offers you the possibility to set up a payment plan, thus avoiding the forced liquidation of all your assets. This allows you to continue your economic activity, which is crucial for freelancers and entrepreneurs.
Free first consultation
At Lexnova, we know how important it is to understand your financial situation before making any decision. That is why we offer you a completely free consultation in which one of our lawyers specialised in the Second Chance Law will evaluate your case in a personalised way. During this meeting, we will analyse in depth your debts, income and any other relevant aspects to give you a clear view of the alternatives available to you.
Our goal is not only to explain the benefits offered by the Second Chance Law, but also to design a tailor-made plan that adapts to your economic reality. We understand that each case is unique, so we will provide you with advice that is fully adapted to your needs. This first no-obligation consultation is the first step to help you regain control of your financial life and move towards a more stable future.
Second Chance Law process
Insolvency proceedings phase
The first step is to file for insolvency proceedings. This judicial process allows you to reorganise your debts under the supervision of a judge. At Lexnova, we prepare all the necessary documentation and represent you before the Commercial Court.
Negotiation and Exoneration
After the insolvency proceedings, the debt exoneration phase begins. A judge will evaluate your case and determine whether you are eligible for total or partial exoneration of your debts. At Lexnova, we ensure that this process is carried out efficiently and in the shortest possible time.
How Lexnova can help you?
Requirements to take advantage of the Second Chance Law
In order to benefit from this law, it is essential to comply with a series of requirements, such as demonstrating good faith, not having been convicted of economic crimes, and that your debts do not exceed certain limits.
At Lexnova, we help you to assess whether you meet these requirements and we accompany you in every step of the process, from the negotiation to the possible exoneration of your debts.
Accompaniment Throughout the Process
Our team of specialised lawyers will guide you through every step of the process, from the preparation of the documentation to the representation in court. We are committed to offering you a close, professional and effective service so that you can overcome this situation in the best possible way.
Request Your Free Consultation in Vigo
If you are trapped in a spiral of debt, don’t wait any longer. Contact Lexnova today for a free consultation and find out how the Second Chance Law can help you leave your financial problems behind and start afresh.