The Second Chance Law, approved in 2015, has helped individuals and professionals to get out of delicate situations by applying haircuts or renegotiating the payment of contracted debts. In fact, this regulation has not only brought relief to dozens of freelancers who saw their businesses fail and suffocated with debts that they could not afford, but it has also served as a lifeline for a few famous Spaniards. These are some celebrities who have had to apply for the LSO in order to solve their financial problems.
One of the best-known personalities in sport and also in the tabloids, Marc Ostarcevic, a former professional basketball player and former partner of Norma Duval, had to take advantage of this LSO to obtain the Dissatisfied Liabilities Exemption (BEPI). In this way, Ostarcevic was able to cancel all of his debts based on current regulations.
Also in the world of sports, the case of Brito Arceo, who was a referee in the First Division, had to take advantage of this Second Chance Law to be able to face and improve his economic situation.
Another notorious case was that of Joaquín Torres. The one who was known as "the architect of the famous" began a professional and economic drift that dragged him until he found himself in a situation of bankruptcy and bankruptcy. He had to declare himself in Bankruptcy in the first place and, later, he took advantage of the Second Chance Law to be able to settle his debts.
One of the most publicized cases and one that received the most attention from the heart press was the one carried out by Julián Contreras, the young son of the late Carmina Ordóñez. The start-up of some failed businesses was diminishing his financial situation and causing him to accumulate significant debts since 2015. Three years later, as Vanity Fair magazine announced, he had to take advantage of this regulation and thus avoid eviction.
Other celebrities who have also been bankrupt, but of whom it is unknown with certainty whether or not they accepted the LSO are Lolita Flores, who continues to have problems with the Treasury; the renowned and famous journalist Jesús Quintero; Octavio Acebes, famous seer and contributor to various Spanish television programs; and Joaquín Cortes, the renowned bailaor of international fame.
The Second Chance Mechanism is a solution to an insolvency situation, which can be used by both a natural person (consumer) and a businesswoman (self-employed). In those cases in which the debts cannot be paid, this way has existed for seven years as a lifeline to be able to start from scratch.
