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he Second Chance Law is an administrative process that allows a person to cancel their debts by law. To qualify for the LSO, it is necessary to meet a series of requirements.

In other words, the LSO is a tool available to individuals and the self-employed that helps them to leave behind a complicated economic situation, by negotiating new conditions with creditors and, ultimately, obtaining the cancellation of debts.

This procedure is regulated by Law 25/2015 on the second chance mechanism and reduction of financial burden. In this link you can see the original file published in the BOE.