We live in an unprecedented era. Here in Michigan, many people are struggling to meet their basic needs. Due to divorce, job loss, or illness, many of us have incurred debts that we will never be able to repay. Numerous Christians feel remorseful when declaring bankruptcy. We are buried in remorse despite the fact that bankruptcy is a constitutionally protected legal right. This is due to our strong Christian beliefs.
Prior to filing for personal bankruptcy in 2005, I considered the following.
The Bible Does Not Punish Insolvency
In the first place, the Bible does not condemn insolvency. In fact, the Old Testament mandated that debts be canceled every seven years? No queries asked; no bankruptcy filing is required. Here was the law: Every seven years, you were to grant a discharge of debts.
Similarly, the Old Testament commanded that slaves be set free every seven years. The Bible describes debtors as creditors' captives. Therefore, according to the Bible, creditors must release their debt captives every seven years. Intriguingly, bankruptcy law allows you to petition for Chapter 7 bankruptcy once every eight years.
Jesus and the Bible Discuss Mercy, Forgiveness, and a New Beginning.
Both the Old Testament and the New Testament place compassion, benevolence, and justice above material possessions and economic concerns, such as credit card debt repayment.
The Bible also encourages compassion for those who are burdened by excessive debt. The Old Testament provides numerous examples of the need for compassionate treatment of the impoverished and for the preservation of the family unit; compassion for the poor and support for the family have always been more important than the material concern of debt repayment.
Deuteronomy 15:7-10 states, ""If there is a poor man among your siblings, do not be stingy or hardhearted toward him. Rather, be generous and lend him whatever he requires. Beware of harboring this pernicious thought: The seventh year, the year for canceling debts, is approaching, so you should not harbor ill will toward your brother in need and give him nothing. Then he may petition the LORD against you, and you will be found culpable of sin. Donate to him generously and without reluctance, and the LORD, your God, will bless you in all your labor and in all you undertake.
Jesus taught us about the law of benevolence, the law of forgiveness, and the significance of extending grace to all people, including debtors. Jesus said, """"It is easier for a camel to pass through the eye of a needle than for a wealthy man to enter the kingdom of God."""" He continued by instructing, ""Utilize worldly wealth to acquire friends, so that when it is gone, you will be welcomed into immortal dwellings."" Jesus concluded by instructing us to ""forgive, and you will be forgiven""
Sin is a form of spiritual obligation. In the Lord's Prayer, Jesus instructs us to beseech God to """"forgive us our debts [sins] as we forgive our debtors [those who sin against us]"""". Sin creates a spiritual debt. When you borrow money or use a credit card, you incur debt. Through the eyes of Jesus and in accordance with the law of mercy, both categories of debts are dischargeable. As with any act of benevolence, someone must pay for the debt cancellation. Jesus paid for our crimes by sacrificing himself on the cross. Your creditors must bare the burden of forgiving your debts in bankruptcy with the knowledge that God will bless them for these acts of forgiveness and mercy.
Jesus taught us the significance of alleviating financial debts to illustrate God's forgiving character and the Christian principle of forgiveness. Jesus said, ""When they had nothing to repay, he forgave them both freely."" On a spiritual level, Jesus gave us a """"new start"""" by canceling all our """"sin"""" debts through His suffering and death on the cross, through the grace and mercy of God. In contemporary times, the United States Bankruptcy Court will assist overburdened debtors by providing a fresh financial start.
Just like these biblical provisions, modern bankruptcy laws allow debtors to retain certain property when they file for bankruptcy so that they can begin anew. These """"new start"""" provisions discourage debtors from re-entering debt-bondage for survival.
Jesus condemned exorbitant interest rates.
The Bible forbids charging excessive interest rates. Current credit card interest rates of 35 percent or payday loan interest rates exceeding 2,000 percent would have been rigorously prohibited.
Exodus 22:25-27 states, ""If you lend to a member of my people who is in need, do not act as a moneylender; do not charge him interest."" If you take your neighbor's garment as a pledge, you must return it to him by sunset, as it is the only covering he possesses. What else will he rest his head? When he cries out to me, I will listen because I am compassionate.
Leviticus 25:35-37 states, ""If one of your countrymen becomes impoverished and unable to support himself among you, assist him as you would an alien or a transient resident so he can continue to live among you. Do not take any interest in him; instead, fear your God so that your fellow countryman may continue to live among you. You may not lend him money with interest or sell him provisions for a profit.""""
Deuteronomy 23:19–20 states, ""Do not charge your brother interest on money, food, or anything else that could generate interest.""
When admonishing the ""money changers"" and expelling them from the Temple, Jesus relied on these biblical principles. Jesus """"poured out the money changers and overturned the tables."" Jesus repeatedly emphasized the significance of placing love and compassion above greed and wealth, saying, ""What credit is it to you if you lend to those from whom you hope to receive? Even sinners lend to sinners in exchange for the same amount. But love your enemies, do good, and lend without expecting anything in return, and your reward will be vast, and you will be sons of the Most High; for he is gracious to the ungrateful and self-centered.
Both the Bible and Jesus advocate for the family unit.
The support of family and a stable society are prevalent throughout the entirety of the Bible. Wealth was regarded as a divine blessing that resulted from obedience and was founded on God's mercy. Being compassionate toward the poor and forgiving debts were concrete methods for Israelites to demonstrate compassion for one another and to honor God by obeying His law.
All of these principles are present in our current bankruptcy laws. The underlying principle is that debt can be forgiven for a greater good, such as the preservation of the family unit and the stability of our society.
Seek Counsel, Admit Guilt, and Move On
If you can repay your debts, you must. If you cannot, you should determine how God would want you to be liberated from the bonds of debt. The Bible instructs us to pursue God's wisdom and direction, as well as divine counsel.
If you have mishandled your finances, acknowledge your shortcomings before God. You can receive God's cleansing and absolution. Remember that those who are in Christ Jesus are exempt from condemnation and remorse. By His compassion and mercy, Jesus gave us a new beginning, a new birth. Bankruptcy is founded on the law of mercy, which has divine origins, and will allow you to begin anew - a new existence!
The Bankruptcy Laws Are Bible-Based.
The bankruptcy laws were drafted in light of biblical principles. Any person who files for bankruptcy must have ""clean hands"" and disclose all relevant financial information in an open and honest manner. Fraud, inebriated driving, and intentional wrongdoing are ineligible for debt discharge. Moreover, the bankruptcy law prohibits the discharge of debts for child support, alimony, student loans, and taxes. Through these limitations, the bankruptcy laws attempt to strike a balance between justice and equity. Identical to the Bible, our founding fathers understood the significance of bankruptcy as a """"new start"""" for overburdened debtors.
I hope this brief article aids you in your decision to pursue debt relief and professional assistance. The Bible and Jesus condemned loans and credit cards with excessive interest rates. The Old Testament mandated creditors to release their slaves and forgive their debtors every seven years.
I trust you can see the connection between the bankruptcy law and the Old Testament and New Testament teachings of Jesus. Forgiveness, mercy, and a new beginning are central themes. The law enables you to escape heavy debt so that you can provide for your family and live a godly Christian life.""
" - https://www.affordablecebu.com/
