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Legal and the Law in Spain

7 million euro debt written off by Second Chance Law

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The Commercial Court No. 2 of Las Palmas de Gran Canaria has written off a debt of 7 million euro thanks to the Second Chance Law for a couple affected by the 2008 crisis.

The forgiven debt, among the highest to date, included guaranteed personal loans and other financial obligations incurred in the context of the couple’s business activity as promoters in the Canary Islands.

After stating that they were not involved in “any of the causes established in the Bankruptcy Law that prevent obtaining exoneration,” according to the order, the couple will be able to “rebuild their lives without the unsustainable burden of a debt that was impossible to pay off,” says María Isabel Miranda, a lawyer who has represented the couple.

For the lawyer, this ruling represents “a significant victory for the justice system that seeks to protect individuals who face severe economic adversity through no fault of their own.”

Regarding this law, Miranda states that “it is fundamental, since it provides a real second opportunity to those who, due to adverse circumstances and not due to irresponsible decisions, find themselves in a situation of critical insolvency.” “It is an instrument of social justice that allows people to reintegrate into the active economy, demonstrating that our system can extend a legal lifeline to those who truly need it,” she says.

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