Bankruptcy Facts

Did you know that bankruptcy is mentioned in one of the oldest texts on earth? It is mentioned in the book of Deuteronomy from the Judeo-Christian Bible.

“At the end of every seven years thou shalt make a release.  And this is the manner of release: Every creditor that lendeth ought unto his neighbor shall release it; he shall not exact if of his neighbor, or of his brother; because it is called the Lord’s release.” Deuteronomy 15: 1-2

You might also be interested to know that Congress named Chapter 7 after the seven-year debt forgiveness rule contained in the above verse.

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