The Biblical Origins of Bankruptcy
Have you ever given any thought as to where the premise of filing for bankruptcy came from? I know that each and every January when I get my Visa bill from my wife's Christmas shopping, I feel the overwhelming need to either get a second, third, and fourth job in order to pay for the three Redwood Trees that were killed in order to produce such an inordinate amount of bills; that, or seek shelter under the protection of bankruptcy. Interestingly enough, the concept of bankruptcy is not new; in fact, it's been around for thousands of years.
The first known writings of the bankruptcy statue can be found in the Old Testament of The Bible. In Deuteronomy 15, God's intention is to ensure that everyone would have a fresh financial start every 7 years. In this rule, indebtedness would not be a crime in Jewish culture, and everyone would have the same and equal right to a fresh financial start. The ability to start afresh and not be criminalized was two of the intentions as written in Deuteronomy 15 that would ensure that the poor were treated fairly and as equals. If a debt was not repaid within the seven year period, that debt would then be considered a gift, and under law, would not be legally collectible. "At the end of every seven years thou shalt make a release. And this is the manner of the release: every creditor who lends ought unto his neighbor, shall release it; he shall not exact it of his neighbor, or of his brother, because it is called the Lord's release." Deut. 15:1,2.
If you are to compare the biblical treatment of debts and loans to that of today's United States bankruptcy laws, there are striking similarities. This trend continues in the New Testament, where the idea of bankruptcy is again repeated in Mark 5:42: "Give to him that asketh thee, and from him that would borrow of thee turn not away." In looking at this strictly from a Biblical standpoint, it is the responsibility of the lender to loan, and that the creditor should not be punished because they are unable to repay the debts.
Unfortunately, this is not the views taken by creditors in society today. It seems obvious that creditors hold the debt to be much more important than the debtor. In other words, money is more important than the person to whom the money is lent. The Bible teaches just the opposite: it is the debtor who is more important than the debt, and the forgiveness of debt is an obligation of a creditor after a period of time; this is due to a realization that the debt cannot be reasonably repaid.
There are many commonalities shared with current U.S. law and the texts of the Bible. As you can see, these similarities are not only limited to primitive notions of fairness such as "thou shalt not steal." In fact, they're found in even the most complex legal principles of equity such as bankruptcy. That's why, regardless of a person's religious views, the historical significance of the Bible and it's relevance to society today cannot be overlooked.
The first known writings of the bankruptcy statue can be found in the Old Testament of The Bible. In Deuteronomy 15, God's intention is to ensure that everyone would have a fresh financial start every 7 years. In this rule, indebtedness would not be a crime in Jewish culture, and everyone would have the same and equal right to a fresh financial start. The ability to start afresh and not be criminalized was two of the intentions as written in Deuteronomy 15 that would ensure that the poor were treated fairly and as equals. If a debt was not repaid within the seven year period, that debt would then be considered a gift, and under law, would not be legally collectible. "At the end of every seven years thou shalt make a release. And this is the manner of the release: every creditor who lends ought unto his neighbor, shall release it; he shall not exact it of his neighbor, or of his brother, because it is called the Lord's release." Deut. 15:1,2.
If you are to compare the biblical treatment of debts and loans to that of today's United States bankruptcy laws, there are striking similarities. This trend continues in the New Testament, where the idea of bankruptcy is again repeated in Mark 5:42: "Give to him that asketh thee, and from him that would borrow of thee turn not away." In looking at this strictly from a Biblical standpoint, it is the responsibility of the lender to loan, and that the creditor should not be punished because they are unable to repay the debts.
Unfortunately, this is not the views taken by creditors in society today. It seems obvious that creditors hold the debt to be much more important than the debtor. In other words, money is more important than the person to whom the money is lent. The Bible teaches just the opposite: it is the debtor who is more important than the debt, and the forgiveness of debt is an obligation of a creditor after a period of time; this is due to a realization that the debt cannot be reasonably repaid.
There are many commonalities shared with current U.S. law and the texts of the Bible. As you can see, these similarities are not only limited to primitive notions of fairness such as "thou shalt not steal." In fact, they're found in even the most complex legal principles of equity such as bankruptcy. That's why, regardless of a person's religious views, the historical significance of the Bible and it's relevance to society today cannot be overlooked.
Source...