The Law of “Second Chance” facilitates payment in the most indebted individuals and entrepreneurs to free them of outstanding debts after running guarantees.
“Families from now on, will achieve a restructuring of its debt through a settlement of payments: a coordinated, transparent and regulated, procedure that will allow them to negotiate in a unified and supervised with creditors”;
“This procedure will be particularly easy for individuals, so that in a very short time and with lower administrative costs may agree offs, deferrals and other forms of debt reduction”. When the bank does not accept this refinancing, “it will be enabled in the Insolvency Act that individuals can release the debts that remain unpaid after you execute the guarantees and property”;
“So far, even who he was forced to sell assets to pay its debts, he remained responsible for paying the remaining portion. This condemned to households and businesses to live with the last slab debt even having renounced their property. With this reform, as part of a judicially and with all the guarantees controlled procedure, you will be free of that slab. “
Source: Government.
