Bankruptcy and debt relief
As far back as the Old Testament, God had a plan that called for the cancellation of debts at the end of every seventh year, “The Year of Jubilee!”
In Deuteronomy 15, Moses wrote, “At the end of every seven years you must cancel debts. 2 This is how it is to be done: Every creditor shall cancel any loan they have made to a fellow Israelite. They shall not require payment from anyone among their own people, because the Lord’s time for canceling debts has been proclaimed” (Deuteronomy 15, 1-2, NIV).
Eventually, the idea of allowing people to walk away from some or all the debts they owed became known as “bankruptcy.” Here in America, the Founding Fathers also recognized the need and wrote at the very beginning of the US Constitution that Congress shall have the power to establish “uniform laws on the subject of Bankruptcy throughout the United States” (Article I section 8).