Foreclosures in Spain

October 28, 2010

The New York Times today has an excellent article about the
effects of foreclosure laws in Spain
.  In Spain, foreclosure and eviction do not terminate the debt, so after losing
their homes, many people owe the remainder of the mortgage.  According to
the article, people cannot escape the debt through bankruptcy either, because
mortgage debt is specifically excluded from the bankruptcy laws. 

You can find the laws in the official gazette of Spain, the Boletín Oficial del Estado. 
We also have access to a database called vLex,
where you can research legislation and caselaw as well as secondary
sources.  The Foreign Law Guide's chapter on Spain (also a subscription database) is an excellent introduction to the Spanish legal system.  More Spanish resources can be found using the Country-by-Country guide.

If you are looking
for the laws in English you can consult the book Butterworths International Insolvency Laws.  
The book will also allow you to compare laws in Spain to laws in several other
European countries.  Other books and secondary sources on this subject can
be found here, in Morris.

                                                                                                                                                         ----- Ryan Harrington

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