The Second Financial Opportunity: Insolvency Procedures for Individuals

What is individual bankruptcy?

Individual bankruptcy is a legal procedure that allows natural persons to restructure or settle their debts under judicial protection. This process goes beyond the mere liquidation of assets; it seeks to provide financial stability to the debtor and facilitate a fresh start.

Why is this procedure important for individuals?

• Debtor protection: This bankruptcy process is not just a tool to pay creditors but also a way to safeguard the debtor’s rights and financial stability.
• Legal advice: The assistance of a specialized lawyer is crucial for navigating this process successfully, ensuring all legal requirements are met and achieving the best possible outcome for the debtor.

Key features of individual bankruptcy

• Accessibility: It is a process open to any individual, including self-employed workers.
• Flexibility: Offers multiple options, from debt restructuring to asset liquidation.
• Legal protection: During the process, the debtor is protected against claims and enforcement actions.
• Rehabilitative purpose: This bankruptcy is not just about settling debts but also about offering a second opportunity, with the possibility of obtaining full or partial debt forgiveness.

Specialized legal services in insolvency procedures

A team of professionals in insolvency law, like the one we offer at Vilar Riba, can provide:

• Personalized advice: Detailed analysis of the client’s situation to define the best strategy.
• Preparation and submission of the application: Management of the necessary documentation to successfully initiate the process.
• Representation before courts and creditors: Advocacy of the debtor’s rights throughout all stages of the process, including judicial hearings and negotiations with creditors.
• Post-bankruptcy support: Ongoing advice to ensure compliance with the payment plan or, if applicable, the discharge of remaining debts.

The BEPI: A Second Opportunity to Restart Financial Life

The Second Chance Law, or BEPI, allows debtors to be freed from all or part of their debts after fulfilling a payment plan or liquidating their assets. This enables individuals to regain their financial and emotional well-being while avoiding social stigmatization.

Benefits of Debt Discharge (BEPI)

This mechanism provides a “clean slate” to start over, freeing individuals from previous debts and reducing stress and anxiety. BEPI is an opportunity for individuals to rebuild their economic future with greater peace of mind.

At Vilar Riba, we have over 20 years of experience in insolvency law, with a multidisciplinary team that combines expertise and personalized attention in every case. Our specialization allows us to offer solutions tailored to the specific needs of each client, with comprehensive support covering all stages of the insolvency process and the second chance. Trust our experience to ensure the best defense of your rights and start your journey toward financial recovery.