Bankruptcy

First let me say, "I am NOT a financial consultant". Not every one should consider bankruptcy. It may not be right for everyone and like any other financial plan should be used with extreme caution and you should get financial advise from a certified financial consultant.

With that being said, if you are considering bankruptcy, you should first understand that losing is your first key to learning. If you lost something or someone you need to take a step back and ask yourself what can I learn from this?

We read in the second half of Nehemiah 10:31, "Every seven years we will let our fields rest, and we will cancel all debts." This is where we get today our moden day rules and laws and regulations for today's bankruptcy.

Most Christians feel an overwhelming duty to pay their debts, even if that means sacrificing basic needs such as food, clothing and shelter. To go bankrupt and to be unable to repay what you promised still carries a stigma that has driven many during this current crisis to even commit suicide in an attempt to escape the shame and of course the burden of debt or bankruptcy. Despite our society's current beliefs, make no mistake, the Bible clearly states that although Christians are required to repay their debts, no one is obligated to repay debts if, through no fault of their own, they become bankrupt.

A matter of fact, according to Jewish law, in the Bible it is required that debts be forgiven every 7 years.

Deuteronomy 15:1-2, "At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the Lord's release."

As Christians, there is no shame in releasing debts through bankruptcy if you truly cannot repay them.

Remember, if you do go through such a process there are scriptures to hang onto:

Ecclesiastes 7:14 - In the day of prosperity be joyful, but in the day of adversity consider: God also hath set the one over against the other, to the end that man should find nothing after him."

Is there life after Bankruptcy? Joel 2:25,26 - I will restore to you the years that the locust hath eaten, the cankerworm, and the caterpiller, and the palmerworm, my great army which I sent among you. And ye shall eat in plenty, and be satisfied, and praise the name of the Lord your God, that hath dealt wonderously with you: and my peopl shall never be ashamed."