Protecting mortgage borrowers increases. With this new
Royal Decree- Law measures Second Chance are encouraged that the first step you
should do the debtor is trying to reach a settlement with its creditors within
two months. This agreement enables entrepreneurs, freelancers and individuals
renegotiate with creditors always with the guidance of a judge. In order to
apply the measures, the debtor must meet certain requirements: liquidate all
its assets to deal with debts; act in good faith; satisfy credits against the
estate; secured credits and 25% of the ordinary credits. If all this is true it
can be applied an acquittal on the remaining ordinary outstanding debt, with no
tax effect, so that those who benefit from the exemptions will not be taxed on
them.
Extrajudicial phase in which the debtor can try to
agree with creditors to restructure its debt, supported by a bankruptcy
mediator, so that the procedure meets the specific needs of SMEs and
individuals is reviewed. If this option does not flourish, it will resort to
bankruptcy, which may end up in the waiver of outstanding debts.
If you have not been able to expand these goals, the
judge may impose on the debtor a payment plan to 5 years. If the citizen is
home to this option will appear for five years in a public register where
citizens can check their solvency position.
To prevent the second chance to affect the culture of
payment of debts or made more expensive financing costs of households and
firms, is limited to 10 years, often you can go to this possibility. It applies from May 2015-2017.
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