It has become clear in recent days the majority of Americans are buried under a mountain of debt. As the government debt clock surpassed $16 trillion, a recent study was released saying that the average American family is only three weeks away from filing bankruptcy. It's time for everyone to really do some soul-searching and take a close look at their own personal financial situation. Over the years, many people have believed that filing bankruptcy was a moral issue and should be dealt with in that fashion. Because of this, a large number of the population frowned on anyone who had to file bankruptcy. A lot of this stigma has been diminished in the recent years with the large number of Americans having no other choice but to file.
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If filing bankruptcy is truly a moral issue, what does the Bible have to say about it. The Old Testament of the Bible clearly teaches that people are expected to repay their debts and there is no argument here. Where the moral issue comes in is defining between the moral and legal obligation to pay the debts. The Bible speaks of the need for compassion by the creditors and requires them to cancel the debts at periodic intervals. This came out of honoring the Sabbath and the Jubilee years. This is where Congress got many of the ideas for the bankruptcy code to create uniform laws allowing businesses and consumers to restructure debts or completely wipe them out in a bankruptcy discharge.
Throughout the Bible it talks about creditors being compassionate with the poor to help promote family values. It also speaks strongly about the right to cancel debt that has been incurred by excessive interest. In the Old Testament of the Bible, Deuteronomy 15:1-2 - At the end of every seven years he shall grant a release. And this is the manner of the release: every creditor shall release what has led to his neighbor, his brother because the Lord's release has been proclaimed. This seven-year time frame is where Congress included in the bankruptcy code that time frame between filing Chapter 7 bankruptcies.
The Bible speaks strongly about the topic of finances and its impact on people's lives from end to end. I believe that filing bankruptcy is not frowned upon by the biblical principles as long as it is done with no kind of malice. If the family can't afford to live and is buried under a mountain of debt, a bankruptcy filing might be their only way to protect the family unit from ending up on the street. Many times, finances can put a huge strain on the marriage, even to the point of divorce. Heeding to the warnings and speaking to a bankruptcy lawyer about the matter might be able to save the marriage. Removing the stress of the debt can many times allow a couple to straighten out their differences in their marriage. Allowing creditors to continuously beat up on them will only lead to family problems. Before things get out of control, a couple should sit down with a bankruptcy lawyer to see if filing bankruptcy can get them out of debt and get a fresh start they truly need.
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