In this article we explain how insolvency proceedings for individuals work<\/strong>, what the Second Chance Law<\/strong> consists of, and how we can accompany you throughout the process so that you can start from scratch\u2026 legally.<\/p>\n Insolvency proceedings are not exclusive to companies. Individuals<\/strong> can also file for bankruptcy when they are unable to pay their debts. This includes both self-employed and individuals<\/strong> without business activity. <\/p>\n The objective of the insolvency proceeding is to put the<\/strong> debtor\u2019 s economic situation in order<\/strong>, suspending executions, reviewing liabilities and seeking agreements with creditors. If it is not possible to reach an agreement, the exoneration of unsatisfied liabilities (EPI)<\/strong>, i.e., the legal cancellation of debts<\/strong>, may be reached. <\/p>\n The Second Chance Law (<\/strong> as amended by Law 16\/2022<\/a>) allows individuals with accumulated debts, often through no fault of their own, to cancel all or part of their liabilities<\/strong> and start over without unsustainable financial burdens.<\/p>\n The procedure is divided into three main phases:<\/p>\n It used to be mandatory, but since the reform it is no longer mandatory. If desired, an agreement can be negotiated with the creditors to split the debt or reduce interest. If this fails, the company is placed in insolvency proceedings. <\/p>\n It is filed with the court. An insolvency administrator is appointed to review the debtor\u2019s assets. If there are no assets to liquidate or if these are insufficient, the petition for exoneration<\/strong> is processed directly. <\/p>\n Here the cancellation of the debt is requested. The new law allows two ways: <\/p>\n With the Second Chance Law, it is possible to cancel up to 100% of your debts<\/strong>, including: <\/p>\n Important:<\/strong> debts for alimony, criminal sanctions or serious fines cannot be exempted.<\/p>\n Although the Second Chance Law is designed to protect the citizen, it is a legally complex<\/strong> process. Being accompanied by a law firm such as Tecem Abogados<\/strong>, with experience in bankruptcy and civil law<\/strong>, significantly increases your chances of success. <\/p>\n We help you with:<\/p>\n The duration depends on each case, but in general terms:<\/p>\n In Tecem Abogados we offer closed and affordable budgets<\/strong>, with the possibility of splitting the payment. Our goal is to help you, not to add more burdens. In addition, the first consultation is free<\/strong>, so you can know your options without obligation. <\/p>\n No one deserves to live in fear of their debts. If you meet the requirements, the law protects you<\/strong>. Canceling your debts is possible, and at Tecem Abogados we want you to do it with security, legal support and proximity. <\/p>\n If you are in Malaga or Benalmadena<\/strong> and want to find out how to get started, contact us today.<\/p>\n Request your consultation<\/strong> at Tecem Abogados.<\/p>\n We explain if you can take advantage of the Second Chance Law. Do not hesitate to contact us through our website<\/a> or from our contact<\/a> section.<\/p>\n","protected":false},"excerpt":{"rendered":" Insolvency Proceedings for Individuals: How does the Second Chance Law help you in Malaga? Are you trapped in a sea of debts and do not know how to get out? If you are self-employed or private and you find yourself in a situation of insolvency, you should know that there is a legal mechanism designed […]<\/p>\n","protected":false},"author":1,"featured_media":2529,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","rank_math_title":"Second Chance Law | Tecem Abogados","rank_math_description":"Second Chance Law en M\u00e1laga con total garant\u00eda jur\u00eddica. Asesores especializados, resultados probados. Primera consulta gratis.","rank_math_canonical_url":"","rank_math_focus_keyword":"Second Chance Law"},"categories":[59],"tags":[137],"class_list":["post-2535","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-second-chance-law"],"acf":[],"_links":{"self":[{"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/posts\/2535","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/comments?post=2535"}],"version-history":[{"count":0,"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/posts\/2535\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/media\/2529"}],"wp:attachment":[{"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/media?parent=2535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/categories?post=2535"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tecemabogados.com\/en\/wp-json\/wp\/v2\/tags?post=2535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nWhat is a natural person contest?<\/h2>\n
![\"Second](\"https:\/\/tecemabogados.com\/wp-content\/uploads\/2025\/06\/Ley-de-Segunda-oportunidad-en-Malaga-ayuda-para-persona-fisica-1.webp\")
<\/p>\n
\nWhat is the Second Chance Law?<\/h2>\n
Basic requirements:<\/h3>\n
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\nPhases of the procedure<\/h2>\n
![\"Second](\"https:\/\/tecemabogados.com\/wp-content\/uploads\/2025\/06\/Ley-de-Segunda-oportunidad-en-Malaga-ayuda-para-persona-fisica-2.webp\")
<\/p>\n1. Attempted out-of-court payment agreement (voluntary as of 2022)<\/strong><\/h3>\n
2. Back-to-back competition<\/strong><\/h3>\n
3. Request for exemption from unsatisfied liabilities (EPI)<\/strong><\/h3>\n
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\nWhat debts can be cancelled?<\/h2>\n
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\nWhy do it with a specialized lawyer?<\/h2>\n
![\"Second](\"https:\/\/tecemabogados.com\/wp-content\/uploads\/2025\/06\/Ley-de-Segunda-oportunidad-en-Malaga-ayuda-para-persona-fisica-3.webp\")
<\/p>\n\n
\nHow long does the process take?<\/h2>\n
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\nHow much does it cost?<\/h2>\n
\nYour second chance starts today<\/h2>\n
\nDo you want to know if you can cancel your debts?<\/h3>\n
\nWe evaluate your case without cost or obligation.
\nStart your new life, debt free.<\/p>\n