A woman from Barcelona has cancelled €26,830 of debts after losing the only family salary. She achieved this through the Second Chance Law with the firm Repara tu Deuda Abogados.
A woman from Barcelona has managed to cancel €26,830 of debts thanks to the Second Chance Law, according to majadahondamagazin.es. The procedure was handled by the firm Repara tu Deuda Abogados, which presents itself as one of the leading specialists in this legal mechanism in Spain.
The affected individual is married and has one child in her care. Her insolvency situation arose after losing her job, as she was the only person in the household with an income, because her husband was unemployed.
According to the lawyers from the firm, the debts began with the request for a loan to cover family expenses, even before her dismissal. With insufficient income to pay those loans and, at the same time, manage daily household life, the woman resorted to new loans to cover the previous ones. That cycle ended in over-indebtedness that exceeded her repayment capacity.
Currently, the woman has income, although it barely covers her basic expenses. The case illustrates how a job loss can have long-lasting consequences when the entire family budget depends on a single salary.
The Second Chance Law allows individuals and self-employed persons in insolvency situations to cancel debts that the regulation considers exonerable. Those who obtain the exoneration stop receiving claims for those debts and can request that the entries in the default registers be erased.
The firm points out that the exoneration does not guarantee new loans, as the granting of financing depends on each entity. Before starting the process, Repara tu Deuda offers a free viability study to check if the person meets the legal requirements, and if the case is not viable, they communicate this to the interested party.
For tracking the case, the firm has the MyRepara application, available for Android and iOS, through which the client can consult the phases of the procedure and submit documentation without having to travel. Anyone unsure whether they can apply for this mechanism can request the free study directly from the firm.
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