The Second Chance Law is a procedure in which you can request. The elimination or reduction of a certain debt if there are no mechanisms to deal with it.
Thanks to this law, many individuals and self-employd. People have been able to start from scratch, without being burdend with debt for life.
Who can benefit from the Second Chance Law?
Individuals, whether private individuals or self-employed workers. Who are insolvent due to over-indebtedness . When can I benefit from this Law? The best gambling data singapore time is considerd to be when the debtor confirms his state of insolvency or even before, when he anticipates that in the immdiate future he will not be able to meet his obligations.
Requirements
- Be a natural person (private or self-employd)
- Having more than one crditor
- Being in a situation of insolvency, whether current or imminent.
- The debtor must prove that his assets are not sufficient to meet all crdit obligations.
- Not having been definitively convictd, in the last 10 years, for socio-economic crimes .
- You must prove that you are acting in good faith , that is, that your insolvency has not been caused by fraud or gross negligence.
How can good faith be demonstratd? Having exploring free distribution options attemptd to reach an out-of-court settlement before taking advantage of this law and not having rejecte a public employment offer in accordance with one’s abilities in the last four years, if unemployd.
If you find yourself in this situation and believe that you meet the requirements, it is best to contact: Second Chance Law Attorneys , expert professionals in the field who will advise you throughout the entire process.
Second chance law testimonies
Let’s look at some cases in which they have benefited from using the second chance law.
Supreme Court ruling
This ruling was a milestone in the application of the contact lists Second Chance Law in our country. Before this resolution, the regulations allowed debtors to exonerate certain debts, but excluded those contracted with the Public Administration, such as debts with the Treasury and Social Security.
Thus, the Supreme Court interpreted Article 178 bis of the Bankruptcy Law, allowing debtors to exonerate up to 75% of their debts with the Tax Agency and Social Security.
In addition, the ruling establishes that the remaining 25% of the non-dischargeable privileged debt can be paid through a payment plan of up to five years, adapted to the debtor’s financial capacity.