Regulatory Alerts2015-07-29
Law 25/2015 of July 28 on the Second Chance Mechanism, Reduction of Financial Burden and Other Social Order Measures
The Spanish State enacted Law 25/2015 to establish a second chance mechanism allowing individuals who have liquidated their assets in good faith to be exempted from remaining debts. The legislation also modifies existing insolvency laws to facilitate extrajudicial payment agreements and extends protections for vulnerable mortgage debtors, including suspending evictions until 2017. Additionally, the law introduces social measures such as tax relief for specific vulnerable groups and incentives for stable employment and social security benefits for self-employed individuals.
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