The first thing to be clear about is that this law is totally real and effective.

The Second Chance Law was approved with the objective of rescuing all those people who are going through a bad economic situation and cannot pay their debts.

Before the passage of this law, debts simply could not be eliminated in any way and left us with a heavy burden for life. Now, thanks to the Second Chance Law, an adequate legal framework is established so that individuals and self-employed workers in this country can also eliminate their debts and start from scratch.

In addition, now the new Second Chance Law is much simpler, so eliminating debt has become easier, faster and cheaper.

What debts can I cancel with the Second Chance Law?

With the new Second Chance Law, these are the debts you can cancel:

Loans

Credit cards

Mortgages

Microcredits

Bills

Debts with suppliers

Debts with the Treasury (up to €10,000)

Debts with Social Security (up to €10,000)