Learn What The Bible Says About Filing Bankruptcy?

Over the years, filing bankruptcy has carried the stigma that it is immoral and dishonest. If this is true, what does the Bible say about filing for bankruptcy? In today's current economic situation, it has recently been reported that the average American family is only three weeks away from the bankruptcy filing. This sounds strange, but given the amount of money Americans have and the lack of savings, people are just a small disaster away from bankruptcy filings. What people keep going is available credit. When someone asks if they have a savings account, they say they don't worry about savings because they have an unbalanced credit card due to an emergency. What happens when the credit disappears? This is a dangerous way of life because many people expect interest rates to spike with the end of quantitative easing. When this happens, the creditor pushes down the hatch to remove the available balance in preparation for the upcoming storm. For those that are cashless and have no savings, there are times when the credit card will not work. In short, this is not a secure financial plan.

The Bible makes it very clear that people are expected to pay debt. Morally, no one discusses this point. The Bible talks about the balance between moral and legal obligations on how people who need compassion should collect debt. This allows compassion to allow creditors to cancel their debt on a regular basis. Basically this is the source of our bankruptcy filing system. In the Old Testament, there was no sabbatical during the Jubilee period, and there was no compassion for the poor. Deuteronomy states that debt should be canceled regularly every seven years. And this is why the Parliament that enacted the bankruptcy law allowed people to submit Chapter 7 bankruptcy every seven years. Of course it changed in 2005 and now you can only submit files every 8 years.

The Bible also speaks strongly about how creditors treat poor people and keep their hearts with their brothers stiff and persistent. Again, it speaks if it is open hand, lending freely even to the poor, and if they can't pay to allow their release from their debt every 7 years. In short, a bankruptcy application is okay if one cannot afford to pay debt. Many people incorrectly quote the Bible saying that money is the source of all evil. This sounds like a good thing for all who are not true, but it is love for gold, the source of all evil. The Bible speaks strongly about false idols and where it makes money trip over many individuals.