These are the requirements to access the Second Chance Law, according to a lawyer: “This is the most important thing”

This mechanism allows people to cancel their debts if their financial situation prevents them from paying them, but there are several conditions that must be met to access this right.

The Second Chance Law is a popular resource for people facing insolvency who are unable to meet their debt obligations. Since its approval in 2015, individuals and the self-employed have used it to alleviate their financial situation, but not everyone can access its benefits. There are a number of requirements that must be met to cancel debts through the Second Chance Law, but some of them are not widely known.

To address these concerns, lawyer Sergio Nogués has published a video on his social media explaining the most important conditions that must be met to access the Second Chance Law. The lawyer, who works at the Madrid and Zaragoza-based firm Abogados Nogués, shares useful legal information on his TikTok account and this time has addressed the most frequently asked questions about the regulations surrounding this law.

First, he mentions the importance of the amount of money owed. He asserts that, if you are interested in accessing the Second Chance Law, knowing your debt is "the most important thing." The lawyer explains that, if the debt is not very high, it is "not very worthwhile" to take advantage of the cancellation rights offered by the law. "It has to be around 10,000 or 12,000 euros," the expert points out, referring to the minimum amount for the Second Chance Law to be a worthwhile option. "For smaller amounts, it's actually easier to go directly to the financial institutions with which you have the debt, review the contracts," he adds, "there may be a different assessment."