Certain requirements must be met, which are as follows:

1. The debtor must be in a situation of insolvency and unable to pay its debts.
2. The debts must have been contracted in good faith.
3. The debtor does not have a criminal record for socioeconomic crimes, false documents and crimes against patrimony, finances, social security or workers.
4. There are debts with at least two different creditors.

1. Total or partial cancellation of debts.
2. Once the process is initiated, debts and fees are suspended.
3. Surcharges and interest on the debt are paralyzed.
4. Garnishments and executions are interrupted.
5. After the procedure, the debtor will be removed from the delinquency files.

You can cancel both private and public debts (tax and social security for example), in the case of the latter indicate that you can only cancel up to 10,000 euros per administration.

Now with the new reform and the possibility of going directly to the commercial courts, the terms are shortened. It can be said that generally it does not last more than one year.