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Obstacles in the second chance law | Cinco Días
5 of September, 2024
Luis López Alonso, Litigation and Arbitration partner at Gómez-Acebo & Pombo, talks about the costs associated with the Second Chance Law procedure, as they are a key factor that debtors should consider before availing themselves of this legal option.
This mechanism is only cost-effective for those with a large amount of debt, as the costs of the service may make the process not economically viable for smaller debts. Although there is no legal minimum amount to benefit from the Second Chance Law, the practical reality shows that it is not usually interesting to initiate this process if the debts amount to less than 10,000 euros. 10,000. ‘There are a number of costs to be faced which, in proportion, will be too high for smaller debts’.
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