The Second Chance Law is a legal mechanism that allows individuals and self-employed people to cancel or restructure their debts when they are unable to make payments. Through a regulated process, negotiations are conducted with creditors, and in many cases, the outstanding debt is fully discharged through the Unpaid Debt Discharge Benefit (BEPI).

Both individuals and self-employed professionals can apply for it if they:

• They are unable to meet their payment obligations.
• Be good-faith debtors.
• They must meet the requirements established in the regulations, such as not exceeding certain debt limits and not having been convicted of recent economic crimes.

This procedure allows you to cancel the following:

• Personal loans.
• Credit cards and bank overdrafts.
• Debts to suppliers in the case of self-employed individuals.
• Certain tax debts and debts owed to Social Security, provided that certain requirements are met.

The duration of the procedure varies depending on the complexity of the case, but it usually ranges from 6 to 12 months. At ADR Lawyers, we streamline the process thanks to our experience and direct negotiation with creditors.

Our comprehensive service includes:

• Feasibility study to analyze your situation.
• Negotiations with creditors to reduce the debt or agree on new terms.
• Insolvency mediation and, if necessary, legal representation during the court proceedings.
• BEPI’s application for the final cancellation of debts.

Because we have over 10 years of experience advising people in insolvency situations. We offer close, confidential, and effective support to help you start over debt-free.

You can request a consultation with our team. We will analyze your case in detail and let you know whether you are eligible for the Second Chance Law and what options you have to reduce or eliminate your debts.