Las Palmas de Gran Canaria, June 5, 2023.

The debtor requested a personal loan to pay the deposit for a rental house with the option to buy

Repair your Debt Abogados, the leading law firm in Spain in the processing of the Second Chance Law, has achieved a new debt cancellation in the Canary Islands. Through the management of Repara tu Deuda Abogados, the Mercantile Court no. couldn't cope. SEE JUDGMENT As the lawyers from Repara tu Deuda explain, "the origin of the over-indebtedness is found at the moment in which the debtor considered the possibility of becoming independent by renting with the option to buy, which required the payment of a deposit of 13,900 euros. To In order to meet this amount, he had to apply for a personal loan. Previously, he already had a personal loan. The increase in basic expenses and investments (furniture, electrical appliances...) did not allow him to cover all the ordinary payments and the loans. For this reason, he was forced to use credit cards. He tried to reunify the debt, but failed. For this reason, he fell into a situation of insolvency". According to Repara tu Deuda, "Spain was one of the European Union countries that took the longest to incorporate the Second Chance Law into its judicial system, a mechanism provided for the cancellation of the debt of natural persons, including in this section to the self-employed. It did so in 2015 and, in this way, complied with the Recommendation made the previous year by the European Commission. In September 2022, there was a reform of this legislation, aimed at streamlining procedures and facilitate the exoneration of the debt". As time goes by, more people begin to know about the existence of this legal mechanism that allows individuals and the self-employed to get out of the situation in which they find themselves. Some are still unaware that it is a much simpler procedure than they really think and there are even those who are initially skeptical, until they begin to see the results in others who have already finished their process.Repara tu Deuda Abogados is the firm of lawyers, a pioneer in the application of the Second Chance Law in Spain, having been created in September 2015. Since then, more than 20,000 individuals and freelancers have put their case in the hands of the firm to start from scratch . So far, it has achieved the exoneration of more than 140 million euros to its clients, who come from the different autonomous communities of Spain. This legislation helps individuals and the self-employed not to live drowned by their debts. For this to be possible, it is essential that the amount of the debt does not exceed 5 million euros, that the bankrupt act in good faith without hiding assets or income, and that they have not been convicted of socioeconomic crimes such as robbery or scam in the last ten years. For those who cannot take advantage of this mechanism, the firm also offers the possibility of canceling credit cards, revolving cards, mini-credits, loans and mortgages.

Contact Contact name: David Guerrero Contact description: David Guerrero Contact telephone number: 655956735