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.
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.
