The law firm SURCO LEGAL manages to free a couple from paying all their debts.
Thanks to the Second Chance Law mechanism, and in less than five months, the law firm Surco Legal, based in Almería, has succeeded in having the Commercial Court No. 1 of Almería forgive a couple’s debt amounting to €679,000. This debt had been accumulated due to their business activity, which they had been engaged in since 2007. The business became overwhelmed by loans and debts they had guaranteed with financial institutions and suppliers.
The couple, married under a community property regime and with one child, saw their finances collapse during the economic recession triggered by the real estate crisis and in subsequent years. Due to loans and various bank policies, some of which were transferred to funds, they became guarantors, which led them into a spiraling debt situation from which they were unable to escape, ultimately leading to an unsustainable financial position.
Both decided to seek help and hired the law firm Surco Legal, which specializes in bankruptcy law, second chance mechanisms, and corporations. After a thorough analysis, the firm’s lawyers filed for bankruptcy proceedings and subsequently applied for the well-known second chance mechanism for individuals. In just over four months, two court rulings were issued on September 24, 2024, recognizing their right to a second chance and granting full and definitive discharge of their outstanding debts.
Following these court rulings, and now free from all their debts, the firm’s managing partner, Raúl Montoro, stated that “our clients have managed to start a new life, allowing them to allocate their income to what truly matters at this time, which is supporting their family and planning for future projects.”
The Second Chance mechanism is a legal process that allows individuals, whether business owners or not, to cancel all or part of their debts when they are unable to pay, provided they meet the requirements set forth in the regulations. This is an option citizens should explore with professionals who are experts in the field.
