Renegotiation or liquidation? Find out which one fits your case
Six questions to work out which of the two procedures under Law No. 20,720 (Ley N° 20.720) applies to your situation.
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Renegotiation profile
Renegotiation is your route: you can file it yourself or have us do it
You meet the requirements and nothing in your answers complicates the decision. The procedure before the Superintendencia is free, it is filed online with ClaveÚnica and it does not require a lawyer: if you want to handle it yourself, you can.
Some 97% of renegotiation hearings end in an agreement. What changes when you delegate it is the preparation: which debts are declared, whether any are time-barred, and a payment proposal that creditors will approve and you can actually sustain. We take that filing on from end to end.
Liquidation is worth considering
The debt is large for what a payment plan could cover
Even committing the most the Superintendencia recommends, around $0 a month, clearing what you declared would take on the order of 0 years. An agreement like that is hard to sustain, and it can only be amended once.
That is why liquidation belongs on the table: unprotected assets are sold, creditors are paid as far as the proceeds go, and the balances left over are discharged by operation of law. It is a court case and a lawyer is mandatory. Even so, this is a rough estimate: the real figure depends on what can be negotiated with each creditor.
Your case needs a prior review
There are elements the form does not ask about that change the answer
Your situation includes at least one factor the Superintendencia platform does not assess, but which does determine what suits you and what the consequences will be for other people.
This is not bad news. It means the right decision here rests on concrete documents (contracts, title deeds, court notices) rather than on a form.
You do not meet the requirements yet
For now, renegotiation is not available in your case
At least one legal requirement for reaching the Superintendencia procedure is missing. That does not mean there is nothing to be done: it means the administrative door is not open today.
Depending on which requirement is missing, it may simply be a matter of waiting, or a different route may be the right one.
How we got here
The law requires debts owed to two or more separate creditors. With only one, this procedure is not available. (art. 260)
The debts must be at least 91 calendar days overdue. That period has not been met yet. (art. 260)
The total you declared falls below the legal minimum of 80 UF, about $3,269,040. (art. 260)
With a first-category trade registration in the last 24 months, the law treats you as a business debtor, under different procedures. (art. 2 No. 13)
A lawsuit already served closes the free administrative route. What is called for now is a defence in that case. (art. 260)
Some answers were left uncertain. That detail decides whether the free route is still open, so it is worth confirming.
A guarantor or co-debtor is committed. The law provides that the discharge does not release them, although rulings have gone both ways: each guarantee gets reviewed against its own instrument. (art. 268)
There is student debt. The Supreme Court has ruled both ways on whether the CAE is discharged, so it is not certain to be wiped out, nor certain to survive. (art. 8 · Rol 10.927-2022 and Rol 141.426-2023)
There is a property. The family home protection is capped by assessed value, and it does not hold against the mortgage over that home or against the Treasury. (art. 445, Code of Civil Procedure)
Sociedad conyugal regime. Jointly held marital assets can answer for the debt, which means the title deeds have to be reviewed.
Family support debt. It is excluded from the procedure and is not discharged. (art. 260)
An asset was disposed of in the past year. That can be reviewed inside the procedure.
There was an earlier insolvency proceeding. The waiting periods differ depending on which one it was, so it needs pinning down.
You meet the three access requirements: two or more creditors, more than 90 days overdue and a total above 80 UF. (art. 260)
On a sustainable monthly effort, in the region of $0, the debt you declared would be cleared in some 0 months. That is a term worth putting in an agreement.
On that same monthly effort, in the region of $0, clearing what you declared would take some 0 months. At that point an agreement stops being sustainable.
You currently put about 0% of your income towards debt. That is the starting point, not the outcome: bringing that instalment down is precisely what gets negotiated.
What to do now
Request your debt report (Informe de Deudas) from the CMF, free with ClaveÚnica.
Ask each creditor for its debt certificate. They are valid for 30 days, so gather them all within a short window.
Book an orientation session at the Superir office in Temuco: Claro Solar 835, floor 14.
Prepare a realistic payment proposal covering every creditor.
Do not sell or move assets while the case runs: that ends the procedure.
If you would rather not do it alone, we handle the whole filing before the Superintendencia.
Request your debt report from the CMF so you have the exact figure.
Gather the certificates from each creditor.
List your assets, including those you believe are worthless.
Talk to a lawyer before filing: liquidation can only be used once every five years.
Request your debt report from the CMF, free with ClaveÚnica.
Check the Oficina Judicial Virtual for cases filed against you.
Gather the debt certificates from each creditor.
Do not sell or transfer assets while you weigh this up.
Take advice before filing anything: once an application is admitted, it cannot be withdrawn.
Check exactly which requirement is missing in the list above.
If it is the 91-day period, wait and assess again.
Do not reschedule your debts meanwhile: a rescheduling restarts the clock.
If the problem is the amount or the number of creditors, it is worth checking for other defences, such as the statute of limitations.
Will you file it, or shall we?
Both doors are open and we point to both. If, while gathering the documents, a guarantor, a property or a court notice turns up that you had not accounted for, the answer changes: that conversation costs nothing.
An hour spent on the documents avoids committing to the wrong route. We tell you which one applies, even when the answer is that you can do it without us.
This is preliminary guidance, not legal advice. The result is worked out only from what you answer, and it takes no account of your documents or your actual file. It is not a legal opinion and not a promise of any outcome. Every case needs individual analysis by a lawyer.
About your data
The result is calculated in your browser and we do not record your answers. The only external connection on this page asks mindicador.cl for the day’s UF value, in order to convert the legal minimum of 80 UF into pesos; the detail is in our Cookie Policy. If you decide to contact us, that form does collect personal data and is governed by our Privacy Policy.
On the discharge of debts: unpaid balances are discharged by operation of law when a liquidation ends, but with exceptions. Family support payments, divorce compensation payments and obligations arising from crimes or negligent wrongs are not discharged, and the court can deny the discharge, in whole or in part, if it upholds a bad-faith incident. On the state-guaranteed student loan (Crédito con Aval del Estado) the Supreme Court has ruled both ways (Rol 10.927-2022 and Rol 141.426-2023). The law provides that the discharge does not release guarantors, sureties or joint co-debtors, although the case law there is divided as well.
The renegotiation procedure before the Superintendency of Insolvency and Re-entrepreneurship is free and does not require a lawyer: representation is optional in renegotiation and mandatory in liquidation, which is a court case. In La Araucanía the Superintendencia is at Claro Solar 835, floor 14, Edificio Torre Campanario, Temuco.
R&V Soluciones Legales · Hochstetter 1002, K Business Center, Oficina 708, Temuco · Last reviewed against the law: August 2026.
