Segunda Oportunidad
Writing off the debts you can no longer pay
Spanish insolvency law allows an individual or a self-employed worker who cannot meet their debts to be released from them. It is called discharge of unsatisfied debts (exoneración del pasivo insatisfecho), and since the reform introduced by Act 16/2022, of 5 September —which brought Directive (EU) 2019/1023 into Spanish law— the procedure is more accessible than before.
It is not an automatic formality, nor does it apply to every situation of insolvency. Below you will find a six-question questionnaire to gauge whether your case fits before booking an appointment.
The two routes
The law provides two routes, and choosing the right one is the first decision in the file.
With liquidation
Whatever assets you have are realised, distributed among the creditors, and the rest of the debt is discharged. It is the usual route where there are no significant assets to keep.
With a repayment plan
You keep assets —including, depending on the case, your home— and in return you meet a repayment plan over a set period. On completing it, the rest is discharged.
In both cases the law requires the debtor to be acting in good faith: not having concealed assets or information, and not falling within the grounds for exclusion the statute itself lists. It is the requirement that most often prevents discharge, and it is the first thing we check.
What is written off and what is not
It is worth knowing before starting the procedure.
Normally yes
- Bank loans and credit.
- Revolving credit cards and payday loans.
- Overdrafts and debts with finance companies.
- Debts to suppliers, if you are self-employed.
- Loans from private individuals.
No
- Maintenance debts.
- Civil liability arising from a criminal offence.
- Fines and penalties.
- Part of what is owed to the tax authority and to Social Security: the law only allows those debts to be discharged up to a limit, and the rest survives.
What you can expect from us
A viability assessment before anything else
We gather the documentation —debts, income, assets and employment history— and tell you whether the case has prospects and by which route. If it does not, we say so just as clearly: it saves you the cost of proceedings with no prospect of success.
Fixed fees in writing
Before the file is opened you know the amount and its scope, with no unforeseen additional payments on account.
Realistic timescales
These are court proceedings: their duration is measured in months and depends on the court with jurisdiction. It is not possible to give an exact timescale at the outset.
A named lawyer
The file is led by María or Josep, both registered with the ICAV.
Viability questionnaire
Does your case fit?
Six questions, under a minute. At the end you will get an indication and, if you wish, you can leave us a phone number so that we can contact you.
Question 1 of 6
How much do your debts come to in total?
An approximate figure, adding everything up: loans, cards, unpaid bills.