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Bankruptcy…a ‘Patriotic’ Solution? Part 3: BANKRUPTCY’S BIBLICAL ROOTS

Thursday, May 5th, 2011

“At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the LORD’s release” (Deuteronomy 15:1-2).

The Bible refers to debt as a type of bondage: “…the borrower is a slave to the lender” (Proverbs 22:7). The Bible also declares, at the end of the sixth year: “…in the seventh year you shall let [your Hebrew slave] go free from you. And when you send him away free from you, you shall not let him go away empty-handed; but you shall supply him liberally from your flock…” (Deuteronomy 15:12- 14).

Current bankruptcy laws, like the Biblical provision, allow debtors to keep certain property when they file bankruptcy. This helps provide a fresh start and discourages going back into debt-bondage, allowing them to become more productive members of our community and meaningful contributors to our economy.

Doan Law Firm is a father-and- five-son law practice founded on Judeo-Christian principles and strives to treat every client with unfailing honesty and compassion.

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