Bankruptcy and Lending, the key to having no poor among us
Posted: January 21st, 2013, 3:39 pm
This is something I was writing about 3 years ago... thought I'd share:
Bankruptcy tends to have a bad name, and for a good reason. We should hope that no one has to go through it. Also, we should avoid debt. My perspective on bankruptcy has changed since reading what the Bible has to say about it, specifically in Deuteronomy 15: http://scriptures.lds.org/en/deut/15" onclick="window.open(this.href);return false;
"At the end of every seven years thou shalt make a release. And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the Lord’s release.
"If there be among you a poor man of one of thy brethren within any of thy gates in thy land which the Lord thy God giveth thee, thou shalt not harden thine heart, nor shut thine hand from thy poor dbrother: But thou shalt open thine hand wide unto him, and shalt surely lend him sufficient for his need, in that which he wanteth. Beware that there be not a thought in thy wicked heart, saying, The seventh year, the year of release, is at hand; and thine eye be evil against thy poor brother, and thou givest him nought; and he cry unto the Lord against thee, and it be sin unto thee.
"For the poor shall never cease out of the land: therefore I command thee, saying, Thou shalt open thine hand wide unto thy brother, to thy poor, and to thy needy, in thy land."
Also, borrowing from an article on this subject... http://www.christian-attorney.net/bible_bankruptcy.html" onclick="window.open(this.href);return false;
"economically, the law of justice states that if you agree to borrow money and repay the debt, you must pay back such debt. The law of mercy, on the other hand, states that if you cannot pay the debt back, you may, through bankruptcy, obtain forgiveness for your obligation."
"As with any act of mercy, someone must bear the cost or the burden, just as Jesus did in dying for our sins. With bankruptcy, the creditor and ultimately the consumers must, in mercy, bear the burden of the unpaid debt, but God said He will bless us for such acts of forgiveness and mercy (Deuteronomy 15:5,10,18)."
"Jesus, in two (2) parables, used the illustration of forgiveness of a financial debt to teach about God's forgiveness and the requirement that mankind forgive (see Matthew 18:21-35 and Luke 7:36-50). "And when they had nothing with which to repay, he freely forgave them both" (Luke 7:42). On a spiritual level, by the grace and mercy of God, Jesus gave us a "fresh start" by canceling all our “sin” debts through His suffering and death on the cross. On an economic level, our nation will graciously help overburdened debtors, if necessary, by giving them a fresh start economically."
The Lord has commanded that those who have enough to spare should not only lend money to the poor, but also requires that the poor who cannot repay their debts are forgiven. This gives the poor a chance to get out of their situation and create something better for themselves.
The forgiving of the debts of the poor is what creates a society where there are no poor among us.
Bankruptcy tends to have a bad name, and for a good reason. We should hope that no one has to go through it. Also, we should avoid debt. My perspective on bankruptcy has changed since reading what the Bible has to say about it, specifically in Deuteronomy 15: http://scriptures.lds.org/en/deut/15" onclick="window.open(this.href);return false;
"At the end of every seven years thou shalt make a release. And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the Lord’s release.
"If there be among you a poor man of one of thy brethren within any of thy gates in thy land which the Lord thy God giveth thee, thou shalt not harden thine heart, nor shut thine hand from thy poor dbrother: But thou shalt open thine hand wide unto him, and shalt surely lend him sufficient for his need, in that which he wanteth. Beware that there be not a thought in thy wicked heart, saying, The seventh year, the year of release, is at hand; and thine eye be evil against thy poor brother, and thou givest him nought; and he cry unto the Lord against thee, and it be sin unto thee.
"For the poor shall never cease out of the land: therefore I command thee, saying, Thou shalt open thine hand wide unto thy brother, to thy poor, and to thy needy, in thy land."
Also, borrowing from an article on this subject... http://www.christian-attorney.net/bible_bankruptcy.html" onclick="window.open(this.href);return false;
"economically, the law of justice states that if you agree to borrow money and repay the debt, you must pay back such debt. The law of mercy, on the other hand, states that if you cannot pay the debt back, you may, through bankruptcy, obtain forgiveness for your obligation."
"As with any act of mercy, someone must bear the cost or the burden, just as Jesus did in dying for our sins. With bankruptcy, the creditor and ultimately the consumers must, in mercy, bear the burden of the unpaid debt, but God said He will bless us for such acts of forgiveness and mercy (Deuteronomy 15:5,10,18)."
"Jesus, in two (2) parables, used the illustration of forgiveness of a financial debt to teach about God's forgiveness and the requirement that mankind forgive (see Matthew 18:21-35 and Luke 7:36-50). "And when they had nothing with which to repay, he freely forgave them both" (Luke 7:42). On a spiritual level, by the grace and mercy of God, Jesus gave us a "fresh start" by canceling all our “sin” debts through His suffering and death on the cross. On an economic level, our nation will graciously help overburdened debtors, if necessary, by giving them a fresh start economically."
The Lord has commanded that those who have enough to spare should not only lend money to the poor, but also requires that the poor who cannot repay their debts are forgiven. This gives the poor a chance to get out of their situation and create something better for themselves.
The forgiving of the debts of the poor is what creates a society where there are no poor among us.