No one plans to file bankruptcy when they grow up. However, sometimes bankruptcy is the best option. The loss of a job or reduced hours, the loss of a significant other, serious illness or the onset of a disability, and a divorce, are the top reasons people file bankruptcy. Bankruptcy contemplates the forgiveness of debt. The Bible, likewise, contains debt forgiveness laws. Under U.S. law, a debtor may only receive a discharge of debts in a Chapter 7 bankruptcy once every eight (8) years. Under Biblical law, the release of debts came at the end of seven (7) years. 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 LORDs release (Deuteronomy 15:1-2).
Posted on: Wed, 30 Jul 2014 18:28:36 +0000
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