A veteran, according to the Debt Relief Association which defended the party in court, secured a court ruling from the Court of First Instance No. 1 of San Vicente del Raspeig to forgive a debt of 31,933 euros under the Second Chance Law. He stated that the decision wipes away 100% of his obligations and that his reputation remained solid, allowing him to start anew.
The former soldier, who had his debt forgiven after returning from his last duty mission in Iraq, faced deep psychological strain and chose to reshape his life. He planned to launch a business in the digital sector, focusing on new technologies, but that venture did not meet expectations. The Debt Relief Association notes that he encountered setbacks when some gurus in the field encouraged him to invest in training courses with the promise of income that never materialized.
Credits
To fund this investment, he took out several loans hoping to repay them once income began. That income never appeared, plunging him into a real nightmare of unemployment and growing debt with each passing day.
With the psychological support he needed, he accepted that past mistakes did not define his future. He sought a way to change his life and leave the army, starting from scratch again.
He turned to the Debt Relief Association, where the business lawyers advised him to declare bankruptcy and utilize the Second Chance Act.
The first benefit of this process is the economic hearing, which suspends all payment obligations to creditors and halts enforcement actions. This relief allowed him to save money month to month and regain financial breathing room.
As the process moved forward, he attempted to reach a settlement with creditors to address a reasonable amount of debt in good faith, but creditors rejected the offer.
He then requested the courts to clear 100% of his debt, and the Court of First Instance No. 1 of San Vicente del Raspeig granted the long-awaited second chance.
The Debt Relief Association reminds readers that several conditions must be met to qualify for the second chance application: the debtor must be bankrupt, not have been discharged in the last five years, and have no socioeconomic crimes on record.
The decision from the San Vicente court, published on 18 October, granted BEPI (Unsatisfied Obligations Exemption Process), releasing the debtor from paying 31,933.66 euros. Consequently, creditors such as BBVA can no longer demand further payments or list him in default records.
During the current year, the Debt Relief Association notes that more than 30.2 million euros were pardoned across Spain through the Second Chance Law, offering renewed hope to many borrowers facing financial distress.