Forgive Us Our Debts as We Forgive Our Debtors
Bankruptcy and the Bible
Dalton Camp proclaimed several years ago that, "having lost its value, money may no longer be the root of all evil; credit having taken its place." This statement demonstrates the paradox of modern day religion and debt - should our reaction be one of condemnation or one of compassion. Since many recent respected studies have shown that the average American family is only three weeks away from personal bankruptcy, and new legislation that will deny bankruptcy relief to hundreds of thousands of American families is now the law, it is time to revisit what the Bible teaches us about debt.
The Bible makes it clear that people are generally expected to pay their debts. Leviticus 25:39.
No one will - or should - advance any argument against this general proposition. However, this moral and legal obligation to pay just debts must be balanced by such periodic intervals. The Biblical basis for such compassion and the call to cancel debts at periodic intervals. The Biblical basis for such considerations is based on the Sabbatical and the Jubilee years. The secular basis arises out of the Consitutional requirement that Congress enact uniform laws allowing businesses and consumers to cancel and to restructure debt obligations. This Biblical support or the legal right to cancel debt is enforced by the even stronger Biblical doctrine that prohibited interest of any amount rather than just usury or excessive interest.
Within the areas of economic justice and stability, the Old Testament is replete with examples of compassionate treatment of the poor, and with preservation of the family unit. These goals were superior to the material concerns of repayment of debt. For instance, Deuteronomy 15:7-10 is particularly forceful. It provides as follows: "If there is a poor man among your brothers . . . do not be hardhearted or tightfisted toward your poor brother. Rather be open-handed and freely lend him whatever he needs. Be careful not to harbor this wicked thought: "The seventh year, the year for canceling debts, is near, so that you show ill will toward your needy brother and give him nothing. He may then appeal to the LORD against you, and you will be found guilty of sin. Give generously to him and do so without a grudging heart; then because of this the LORD your GOD will bless you in all your work and in everything you put your hands to."
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