A new chance for the second chance

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Until about ten years ago, no one, not even the most specialized legal operators, spoke of terms such as “second chance”, “benefit of exemption from unsatisfied liabilities” or “recovery of economic capacity”. The general rule that was applied was that of the universal patrimonial responsibility, that is, a person had to respond with all their assets, present and future, to the debts that they had and there was great resistance to looking for mechanisms of exception to this general rule, unlike what happened in other countries around us, among them, the united states, where debts, mainly mortgages, are paid with the return of the guaranteed asset to the entity that granted the loan. However, the huge financial crisis of 2008 greatly affected, not only companies, but also had a particularly relevant impact on both businessmen and consumers, therefore, starting with a series of recommendations issued by the european union and based on international legal regulations, several commercial judges began to issue resolutions exonerating individuals who declared bankruptcy from paying part of their debts.

That beginning gave rise to a series of legislative reforms  Italy Telegram Number Data in spain, prompted by community recommendations and by the issuance of those court decisions, which led to the establishment in the bankruptcy law of the so-called "Second chance mechanism" that responded to the objective of save natural persons from unavoidable "Civil death" en caso of being subjected to a spiral of over-indebtedness caused not only by the fact of having dissolved and liquidated their company, but also by having taken on loans beyond their financial means. All this was aggravated as a result of the aforementioned crisis of 2008. The reform of the bankruptcy law, through what was called the second chance law, marked the beginning of a legislative and judicial journey that has had lights and shadows.




On the one hand, it has helped many individuals, both entrepreneurs and non-entrepreneurs, to get ahead, recovering an adequate and sufficient economic situation to live and be able to recover their economic level to start over, avoiding the "Civil death" that problems of over-indebtedness they generate and have generated in recent years, especially, as we have said, as a consequence of the financial crisis of 2008. On the other hand, however, what we could qualify as timidity or lack of initiative of the legislator when it comes to following the recommendations of the european union and, even, other similar regulations in other countries of the union or of our surroundings and the resolutions judicial already dictated, has not allowed a sufficient and complete practical application of the second chance mechanism.