Insolvency and elimination of debts. What to do and what not to do. […]
Insolvency and bankruptcy law in Spain
At White Baos Abogados, we have specific training in the insolvency and bankruptcy law in Spain. Thus, our lawyers and collaborators provide legal advice in cases of insolvency and crisis affecting companies, but mainly individuals, whether they are entrepreneurs, professionals or just individuals (not related to business).
Debt forgiveness and the second chance law
Through the mechanism provided for in the second chance law in Spain, it is possible for unpaid debts to be cancelled, and for a debtor to be able to start again.
This is known as the BEPI, or benefit of exoneration of unsatisfied liabilities.
Through this, it is possible for a person who has been declared insolvent, even if he or she has not been able to pay all the debts, those that remain outstanding, to be forgiven. But in order to do so, he or she must meet a series of requirements that you can consult on our website.
The idea is that the debtor can start again, without debts. Allowing those who have been ruined or bankrupted, to be able to start new business or activities.
It is this forgiveness of debts, normally the main objective in the case of natural persons or individuals; in insolvency proceedings, and thanks to the second chance law.
Express insolvency proceedings
This is an insolvency proceeding that starts and ends immediately, as it is evident that there are insufficient assets to pay the costs of the process. The aim is to save time and money for the parties involved in the insolvency proceedings.
You can obtain more information about the bankruptcy express, its requirements, etc.
Advice on insolvency and bankruptcy law in Spain
Our firm, whether you are Spanish or foreigner, Spanish tax resident or not, can help you in the insolvency and bankruptcy process in Spain.
As lawyers we can advise you in the event of insolvency, whether actual or imminent. Within our usual legal services, we will help you:
– Initiate bankruptcy proceedings and in particular, those actions prior to the bankruptcy or insolvency process. This can be fundamental to have the right in the future to the claim for the forgiveness of unpaid debts.
– We can help you in negotiations with creditors, before and during the insolvency proceedings.
– We can represent you and give you legal advice during the legal proceedings and at all stages of the insolvency proceedings.
Lawyers specialising in insolvency and bankruptcy law in Spain
At White Baos Abogados, we can offer you comprehensive legal advice in bankruptcy and insolvency proceedings, especially with regard to individuals. With the aim, if the requirements are met, of obtaining forgiveness of unpaid debts.
If you want expert legal advice on this matter, do not hesitate to contact us.
Insolvency of individuals (not companies). Second Opportunity Law. Cancelation of the debts and start again. Bankruptcy. Legal advice.
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THERE are a number of foreign nationals, both individual and companies, who are unable to honour their debts but have assets in Spain, (in many cases real estate, bank accounts, etc.) in addition to assets in their country of origin. In such cases, it is possible that the debtors themselves, or where appropriate, the representatives […]
IN principle under Spanish law an individual is responsible for the payment of his debts using present and future assets. This does not apply to companies who cannot pay their debts due to insolvency but individuals may have a second chance, that allows them to cancel all their debts and start again even if they […]