2º Chance Law | Exoneration of Unsatisfied Liabilities

Forgiveness of Outstanding Debts (BEPI) allows debtors to forgive and discharge outstanding debts (both public and private) in the event of bankruptcy through Second Chance Act procedures.

What is the Second Chance Law?

The Second Chance law is a legal mechanism that allows a debtor to renegotiate or cancel part of his debt. The purpose of this procedure is for natural persons to overcome bankruptcy or serious bankruptcy, whether or not they have business activities.

To benefit from this law there are a series of requirements that must be met, among these requirements we find the following:

Debts

Having debts with at least two different creditors, even if these debts are up to date with payment.

Be insolvent

To benefit from this law, it is necessary to demonstrate that you do not have sufficient assets to face the debts.

Good faith debtor

Show evidence that the debts have been contracted acting in good faith.

5 years

If you have previously taken advantage of this law, you must make sure that at least 5 years have passed before you can take advantage of it again.

Do you have a debt that you cannot pay or have any questions about this law?

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