Chilean Legal Expert Explains Embargo Process for Debtors

Santiago, Chile – Facing financial hardship and the threat of an embargo can be daunting, particularly when assets are insufficient to cover the entire debt. This scenario is addressed in a recent video by Televisión Nacional de Chile (TVN), featuring legal expert Ricardo Ibáñez. Ibáñez, a founding partner of Defensa Deudores CL, provides clear and concise advice on navigating this complex legal situation. "If your assets are seized and don't cover the debt," explains Ibáñez, "the creditor can file for an extension of the embargo." He further clarifies that there's no set time limit for this process, and he offers alternative solutions such as a voluntary liquidation procedure. This procedure, he emphasizes, allows for debt extinction even if assets don't fully cover the debt, unlike in a standard auction following an embargo. The video also features Carmen Gloria, a well-known Chilean television personality, who underscores the need for professional legal advice in such situations. The video's clear and accessible explanation of complex legal issues makes it a valuable resource for viewers in Chile facing similar challenges. The video's popularity highlights the widespread need for such information and the importance of access to clear legal guidance.