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Law For Second Chances - Debt Cancellation For Returning Autonomos

In Spanish ‘La Ley de Segunda Oportunidad’ enabling those that couldn’t make their business work and ended up being in debt, to have a large percentage of their debts (up to 70%) annulled when they want to try running their own business as self employed Autonomo again.

This law was introduced in 2015, but didn’t include debts with the Seguridad Social or the Tax Office.

A recent ruling by the Supreme Court, a result of legal action by several Autonomo Associations, has changed this.

The resolution focuses on those self-employed workers in a situation of insolvency, that is, not everyone will be able to take advantage of said regulations. In addition, the Supreme Court has left it to the courts that part of the debt is cancelled and how the remaining debt will be paid within five years. That is, it extends the flexibility to pay the bill with the Tax Office.

More info, in Spanish, in this article.

And in this article about the Ley de Segunda Oportunidad in general.

As this ruling is very recent, in the weeks to come no doubt more information will become available on how to go about applying, we will update this FAQs if and when this is the case.

Please note: The information provided is based upon our understanding of current legislation. It is not legal advice but is provided freely to enable you to be properly informed. We recommend that if you are considering taking action, you should seek professional advice.

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