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Insolvency Law

For years the debt only grew. Under Spain's Second Chance Act an honest debtor can cancel what cannot be paid — and a company in difficulty has more roads than closing.

Insolvency and Second Chance Act lawyers in Fuerteventura

The practice

Insolvency is a procedure, not a failure

Spanish law changed sides. Since the Second Chance Act — and decisively since its 2022 reform — an individual or self-employed worker who cannot pay can have that debt legally cancelled and start again. Companies got their own toolbox: protected pre-insolvency time, restructuring plans, agreements with creditors, and when nothing else is viable, a liquidation that closes in order instead of in panic.

This desk starts with the whole file — debts, income, assets, guarantees — and tells you which procedure fits, what it costs and what survives it, before you commit to anything. Then we run it end to end: filings, court, creditors. One thing we say in every first meeting: in insolvency, arriving early is the difference between choosing your road and having it chosen for you.

Who this is for

Six situations, one desk

If one of these is yours, it has a legal route out — and the earlier the call, the more of your life or your business survives the fix.

01Drowning in personal debtCards, loans and a mortgage that outgrew the income behind them. The Second Chance Act exists for exactly this — what cannot be paid is cancelled, for good.
02The embargoed payrollA garnishment taking a slice of the salary or pension month after month. Filing halts individual enforcement while the court decides your discharge.
03The guarantorYou signed for someone else's loan and now it is yours. Guarantee debt is debt like any other — and it can be discharged like any other.
04The company that can't make month-endA pre-insolvency notice buys protected time to negotiate a restructuring plan — before a creditor forces your hand.
05The exposed directorOnce insolvency is actual, the duty to file runs on a two-month clock — miss it and creditors can reach your personal assets. We prevent it, and we defend it.
06The unpaid creditorYour debtor filed for insolvency. Lodge your claim in time, in form, and rank as high as the law allows — or watch others collect first.

The route

From the numbers to the fresh start

STEP 01

The whole picture

Debts, income, assets, guarantees. One honest ledger decides which procedure fits — and what can be kept.

STEP 02

The filing

We prepare and file the petition. The pressure changes sides: individual enforcement halts, and creditors deal with the court.

STEP 03

The procedure

Payment plan or liquidation, agreement or restructuring — we steer the file down the road chosen in step one, and we do the talking.

STEP 04

The discharge

The court cancels what could not be paid. The embargoes end — and what you earn from now on is yours again.

Insolvency Law questions

Before you ask

Do I qualify for the Second Chance Act?

The gate is good faith: being honest with the court and your creditors, and keeping clear of certain economic offences in the years before filing. Most over-indebted people qualify — we check your case against the requirements before anything is filed.

Will I lose my home?

Not necessarily. The law offers a payment-plan route designed to keep assets, and whether it fits depends on the mortgage, the equity and your income. It is the first thing we calculate — and we tell you straight, before you file.

Which debts cannot be cancelled?

Child support and alimony survive, and public debt is dischargeable only in part — tax and Social Security debt up to a legal ceiling each. Everything else — banks, cards, suppliers, guarantees — is on the table.

How long does it take?

A personal case with little to liquidate moves in months; payment plans and company procedures take longer. It depends on the court's backlog as much as the file — we give you the realistic timeline for our courts, not a brochure number.

Can I really start again afterwards — account, business, credit?

Yes — that is the point of the law. The discharge is court-ordered and permanent for the debts it covers, the registries clean up as it takes effect, and nothing stops you working, banking or founding a company again.

The debt has an end date. Let's find it.

Bring your debts and your income as they are — a lawyer tells you which procedure fits and what a fresh start would cost, within one business day.

Prefer to call?

Caleta de FusteMon–Fri 9:00–16:00 (+34) 928 547 756
Costa CalmaMon–Fri 9:00–16:00 (+34) 928 547 125

Have your case assessed

Tell us roughly what you owe and to whom — a lawyer replies within one business day.

Appointment request

Pick the office, day and time that suit you — bring the numbers as they are.