Did You Know that God Commanded Bankruptcy Every Seven Years?
by
Raymond Brian Mitchell on Oct. 23, 2013
Bankruptcy & Debt Consumer Rights Tax
Summary: In the Old Testament God commanded that all debts in the entire nation of Israel be cancelled every seven years to keep people free, prevent financial slavery and keep people from becoming too materialistic and uncaring about other people. God would bless them to cancel. Bankruptcy is not evil.
Many people who are contemplating filing for bankruptcy in the USA feel
like they would be doing something that is morally evil by ripping off
or stealing money or assets from other people. If they are religious
they may feel like they are stealing and sinning by breaking one of
God’s Ten Commandments: “Thou shalt not steal.” Most people who feel
this way do not know that God commanded the entire nation of Israel to
cancel all debts to all other Israelites every seven years. In
Deuteronomy 15:1-3 God commanded that in the seventh year: “Every
creditor shall cancel any loan they have made . . . and shall not
require payment.” It was a time to rejoice that their debts were
cancelled. So filing for bankruptcy cannot be evil if God said to do it.
Israel had to plan their economy and loans based on the seventh year
cancellation. The creditors would be blessed by God more than they lost
if they cancelled the debts. This is a picture of how the Lord wants to
cancel our debts to Him and it should be a time of jubilation. The year
of Jubilee was every 50 years. In the USA most commercial creditors have
already made their money from debtors with high interest rates and they
have preplanned repayment amounts based on a certain amount of
borrowers having to file bankruptcy. Most commercial creditors are not
being ripped off by bankruptcy- it is not evil.