Bankruptcy Myth 15
It’s Against the Bible to file Bankruptcy.
Actually, the modern bankruptcy code is derived directly from the bible. Look at the forgiveness of debts every seven years (the “Sabbatical Year” or “Jubilee Year”) in Deuteronomy, Nehemiah, Leviticus and in many other sections of the Old and New Testament. For example, in Deuteronomy 15:1-2, the Lord commands: "At the end of every seventh year you are to cancel the debts of those who owe you money”. Similarly, in Nehemiah 10:31 the Lord requires Israelis to “cancel all debts every seventh year”. Even the Lord’s Prayer teaches the disciples to ask God to “forgive us our debts, as we also have forgiven our debtors.”
Some legal scholars have suggested that Congress chose the name “Chapter 7” because the bible commands the forgiveness of debts every seven years. I don’t know if that one’s true or not – sounds like it could be a coincidence.
