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The forgiving of debts is rooted in the Pentateuch and the importance of mercy common to the traditions of Christianity, Judaism, and Islam. In Deuteronomy 15, verses 1-2, we find the following instruction to the people of Israel:
"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."
Of equal importance is the condemnation of usury in the Old and New Testament and instruction at 2:278 of the Koran. While many people feel embarrassed and ashamed at the prospect of declaring bankruptcy, the forgiving of debt and the evils of usury are both recognized as important moral principles for the world's major mono-theistic religions.
If illness, a subprime mortgage, unemployment, marital problems, or mounting credit card debt has overwhelmed your ability to pay monthly bills, contact bankruptcy lawyer David B. Shaev today. We can discuss how a Chapter 13 or Chapter 7 bankruptcy can help you recover your financial footing and prepare the way for the re-establishment of your credit.
Why Bankruptcy is Sanctioned by Religion
The teachings of the Old and New Testament, as well as those of the Koran, recognize the evils associated with money. Not only can a lust for money lead to a distorted understanding of what is important in life, it enslaves people through usury and debt. Both the nomadic and agrarian peoples of the Bible and Koran had to engage in buying and trading in order to live and support their families.
By charging interest on loans to herders, farmers, or merchants, money lenders put whole families at risk: in order to pay interest on loans, the possessions of whole families were often used as collateral. If crops failed, trade routes closed, or illness prevented work, money lenders could confiscate livestock, crops, and family goods. Placing people in these kinds of circumstances not only increased hardship it also promoted evil through exploitation, deprivation, and bondage.
Modern Money Lenders in the Temple: Enough Blame to Go Around
While usury is the foundation of modern financial services, we are all, nonetheless, responsible for honoring our debts. However, many of today's leading financial institutions and banks have engaged in predatory lending practices and marketing schemes intended to increased consumer spending. Not only have credit card companies made it easy for just about anybody to take out a credit card, mortgage companies have encouraged people to "buy more house" than they can afford through subprime mortgage lending practices.
Since Wall Street likes to see more consumer spending in order to satisfy loan debt floated by the Federal Reserve to companies and governments, increased consumer credit has been used as a means to increase short-term financial windfalls. Unfortunately, this has resulted in sky-rocketing consumer debt - in no small part caused by the very financial institutions that want to now make it more difficult to declare bankruptcy.
Re-Establish Your Financial Footing
Many people in debt are under the impression that if they declare bankruptcy, they will never be able to receive a loan or credit card. Simply put, this is not true. While there will be a period of time when the amount of credit you are eligible for will be very small, steps can be taken immediately to re-establish your credit rating.
As your attorney, David B. Shaev explains what you can do to restore your financial footing and get out from under the burden of overwhelming debt. To schedule a free consultation to discuss how we can help you, contact bankruptcy lawyer David B. Shaev today.
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