A businesswoman from Madrid has achieved the total exoneration of a debt amounting to 261,290.54 euros, thanks to the application of the Second Chance Law. This legal procedure offers a way out for those facing insolvency, allowing them to free themselves from their debts. The resolution was managed by the law firm Vilches Abogados, specialized in commercial law and bankruptcy proceedings.
The businesswoman, who faced serious economic difficulties as a result of the COVID-19 pandemic, had taken on debts by acting as a guarantor for her company. The company was unable to meet payments to suppliers and financial institutions, leading to an unsustainable financial situation. After receiving legal advice, the process was initiated in court, starting with the company’s bankruptcy proceedings, which culminated in its dissolution.
Subsequently, the personal bankruptcy proceedings were carried out, where the discharge of the unpaid liabilities was requested. During this process, evidence was presented that the businesswoman met all the requirements established by law to benefit from this exoneration. After a thorough analysis of her financial situation, the formal request for debt elimination was made, with the aim of allowing her to start a new chapter in her professional life.
The Court, after completing all necessary procedural steps, has decided to grant the total exoneration of the debt, providing the businesswoman with the opportunity to restart her professional activity without the burden of overwhelming debt. Vilches Abogados has highlighted the importance of the Second Chance Law as a fundamental tool for those individuals, like this businesswoman, facing adverse circumstances, offering a path towards recovery and financial stability.
Source: MiMub in Spanish