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Barcelona, March 13, 2023.
The judicial process is very agile and can be carried out in a 100% digital way. A couple of entrepreneurs canceled a debt of €65,000 thanks to the LSO. With Saldados it is possible to cancel a personal debt without losing the house or any of the assets
The price of buying, housing, gasoline rises… and people are finding it increasingly difficult to make ends meet. This situation leads families to ask for loans and get into debt to be able to face such common expenses as food, rent or the mortgage, the children’s school or transportation. But what options does a person have when drowning in debt? Both individuals and the self-employed have the opportunity to take advantage of the Second Chance Law (LSO), a law that allows the cancellation of personal debts. It is an agile process that can be processed 100% digitally with the help of specialized lawyers. An entrepreneurial couple canceled a debt of €65,000 thanks to the LSO. An example of how the Second Chance Law works is that of a marriage that decided to undertake by opening a small business of prepared dishes. To start the project they requested a loan of €65,000. However, three years later, the woman was diagnosed with fibromyalgia, a disease that prevented her from continuing her activity as head of the premises. In this case, she was the owner of the loan and her husband was the guarantor, so in the event of seizure, both would be affected. When they were in an extreme situation, they turned to Saldados to find a solution and the team of specialized lawyers helped them process the cancellation of their debts through the Second Chance Law. After a few months of legal proceedings, her life took a 180 degree turn and the judge canceled 100% of her debts. The case of these Argentines is a clear example of how the LSO allows you to cancel personal debts and regain control of your finances. Requirements to benefit from the LSO and cancel personal debts To start the debt cancellation process through the Law on Second Opportunity it is necessary to present before the competent Court the necessary documentation that proves the situation of insolvency. Next, Saldados, a firm specializing in exoneration of debts through the LSO, shares the requirements to benefit from the law: • Being a person in a situation of current or imminent insolvency. A person who cannot pay the money owed to another person or company within the term established in a contract is considered insolvent. It is also possible to cancel debts with the Tax Agency or Social Security as long as they do not exceed €20,000.• The debt cannot exceed 5 million euros.• Not have an economic criminal record or serious or very serious administrative sanctions.• Be a debtor of good faith. That is, to prove that the circumstances that have led to the insolvency situation are not attributable to bad faith. • Not having requested the Unsatisfied Liability Exemption (EPI) in the last 5 years. • Not having started the bankruptcy process. • Not having taken advantage of the same law in the last 10 years. Total or partial cancellation of the debt without losing assets The Second Chance Law aims to enable people with debts to get out of the circle of debt and regain control of their life. For this reason, there are up to three types of court rulings to eliminate debts: • Debt cancellation without losing assets. This situation can occur in two scenarios: • In the event that the indebted person does not have assets to settle, the debts will be canceled and the debtor can start from scratch without paying anything. • The debtor may have assets but do not want to lose them. In this case, the judge will determine a payment plan according to the income of the indebted person. This payment plan will be established taking into account the actual payment capacity of the debtor. • Debt cancellation in exchange for equity. To cancel his debt, the debtor will have to give up his assets. That is, exchange your debts for goods of the same value. About Saldados The Saldados digital platform, made up of lawyers and expert specialists, offers an online service from which all matters and procedures related to the Second Chance Law are managed. In addition to ensuring that clients do not feel the weight of the debt in their day to day, Saldados takes charge of the entire process, including calls from creditors. The process ends by removing the name of the debtors from any list of debtors in which they may be found. The company has successfully settled more than 500 cases worth more than €10,000,000 of canceled debt. More information at https://saldados.es/
Contact Contact name: Alba Ruano Contact description: PR
