Bankruptcy and the BibleWhat do the Bible and other religious texts say about filing bankruptcy?The Bible makes numerous references to the "release" of debts, and believe it or not, bankruptcy has parallels to many of these writings. Perhaps the most cited text comes from the Old Testament, in the Book of Deuteronomy: "At the end of every seven years thou shalt make a release. And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the LORD's release." (Deuteronomy 15:1-2) There is little to interpret from this passage because its language is very clear. The Book of Deuteronomy says that people are not meant to be permanently in debt to creditors. Of course, this applies to Judaism and Islam, as well as Christianity. Consumers used to be able to file Chapter 7 bankruptcy every 7 years, just like the Lord's release is described in the Old Testament. However, with the passage of BAPCPA in 2005, Congress extended the time between Chapter 7 filings to 8 years to allow creditors more time to collect debts against people who already filed bankruptcy. There are several situations where you may be able to file more than one bankruptcy within the 8 year period, however, this is usually a combination of Chapter 13 and Chapter 7. You should always consult an experienced bankruptcy attorney if you have filed bankruptcy before and are in need of financial assistance again. Other authors and lawyers address the concept of bankruptcy in the Bible and other religious texts. We are happy to share them with you:
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