Debts with banks
100% cancelled
Personal loans, credit cards, overdraft lines, consumer credit from any bank or finance company. All outstanding debts are fully discharged.
If you have debts you cannot pay and you are a debtor in good faith, the Spanish Second Chance Law lets you cancel them in full and start from zero. The 2022 reform simplified the procedure: there is no longer a requirement to first attempt an out-of-court agreement, and debts with the Tax Office and Social Security up to €10,000 are now included.
La Ley 25/2015 de Segunda Oportunidad, ampliamente reformada por la Ley 16/2022 concursal, permite a particulares (consumidores y autónomos) cancelar todas sus deudas cuando no pueden hacer frente a ellas. La figura jurídica se llama Discharge of Unsatisfied Liabilities (EPI) and means, literally, the judicial forgiveness of outstanding debts — you start from zero.
To qualify you must meet three basic requirements: (1) be a debtor in good faith — no haber actuado dolosamente al endeudarte; (2) no haber sido condenado por delitos económicos in the previous 10 years; and (3) have cooperated with the procedure aportando información veraz. La reforma de 2022 eliminó la exigencia de intentar previamente un acuerdo extrajudicial y rebajó muchas barreras anteriores.
El alcance es muy amplio: se incluyen debts with banks, finance companies, vulture funds, Tax Office and Social Security(the last two with a combined cap of €10,000). Only maintenance debts, debts arising from civil liability for crime and criminal fines are excluded. Everything else — loans, cards, residual mortgages, consumer credit, business debts — is discharged.
The Discharge of Unsatisfied Liabilities (EPI) is, technically, the judicial cancellation of your outstanding debts. The scope is broad and the effect is immediate: you no longer owe the money, creditors cannot claim against you and attachments are lifted.
Personal loans, credit cards, overdraft lines, consumer credit from any bank or finance company. All outstanding debts are fully discharged.
The 2022 reform includes debts with the Tax Office and Social Security up to a combined €10,000 (the first €5,000 of each is 100% discharged; the rest is restructured).
If your debt was sold to a vulture fund (Cabot, Lindorff, EOS, Hoist, Axactor...), it is also discharged. The assignment does not prevent EPI from applying to that debt.
The mortgage on your main home can be kept through a viable payment plan. Any residual mortgage debt (after foreclosure, if any) is fully discharged.
Once insolvency is declared and the EPI is approved, attachments on wages, accounts and assets are lifted. You regain control of your salary and assets.
Once the debts are discharged, the defaulter registries must remove you. You regain your commercial solvency and can access normal financial products.
Ask us for a free case review and we will get back to you in less than 24 hours.
Answer four basic questions. In seconds we will tell you whether you meet the general requirements and the estimated amount you could cancel.
Leave us your details and a lawyer from the firm will personally review your situation. In less than 24 hours you will receive a report with the viability of the Second Chance Law, the cancellable amount and the action plan. The conversation is confidential.
The legal framework of the Second Chance Law has evolved significantly since 2015 — always expanding the scope and simplifying the requirements. These are the three key rules.
Introduces the Second Chance mechanism for individuals in Spain for the first time. It allows outstanding debts to be cancelled through insolvency proceedings when the debtor meets the good-faith requirements.
A major reform of the Insolvency Act: removes the prior out-of-court agreement, includes public debts (up to €10,000 of Tax Office and Social Security), allows direct EPI and simplifies deadlines. Your best procedural scenario.
The European directive on preventive restructuring frameworks requires Member States to set up effective debt-discharge mechanisms. Spain transposed it with Act 16/2022, expanding consumer rights.