G|R|A CONSULTORES Law Firm

HOW IS IT POSSIBLE TO RELEASE YOUR PERSONAL DEBTS?

This procedure allows natural persons to initiate a file of Extrajudicial Payment Agreement, which attempts to reach an understanding with the creditors. In the case of not obtaining the aforementioned agreement, a consecutive Bankruptcy proceeding is continued, whereby if a series of requirements are met, it can end with the exemption of all the debts of the promoter.

From GRA CONSULTORES, we can inform you of all the specific requirements and analyze the possibility of starting the procedure.

KEY POINTS

gra consultores
  • For natural persons
  • It is initiated by bankruptcy Mediation file
  • A bankruptcy mediator is appointed, who tries to reach an agreement with the creditors
  • In case of not reaching an agreement, a consecutive Contest of Creditors will be requested
  • The bankruptcy mediator, except for just cause, will be appointed Bankruptcy Administrator
  • The waiver of the dissatisfied liability (cancellation of all debts) will be requested in the contest
  • Public law debts are not exempt
  • Requirements to obtain the exemption:
    • The contest must not plead guilty
    • The debtor must not have been for certain crimes in the 10 years prior to the declaration of insolvency
    • It has been concluded or, at least, tried to conclude an out-of-court payment agreement
    • The credits against the mass must have been satisfied
    • The privileged credits must have been satisfied