11 Bible Verses about Cancellation Of Dept

For the payoff of sin is death, but the gift of God is eternal life in Christ Jesus our Lord.

The spirit of the sovereign Lord is upon me, because the Lord has chosen me. He has commissioned me to encourage the poor, to help the brokenhearted, to decree the release of captives, and the freeing of prisoners, to announce the year when the Lord will show his favor, the day when our God will seek vengeance, to console all who mourn, to strengthen those who mourn in Zion, by giving them a turban, instead of ashes, oil symbolizing joy, instead of mourning, a garment symbolizing praise, instead of discouragement. They will be called oaks of righteousness, trees planted by the Lord to reveal his splendor.

"'You must count off seven weeks of years, seven times seven years, and the days of the seven weeks of years will amount to forty-nine years. You must sound loud horn blasts -- in the seventh month, on the tenth day of the month, on the Day of Atonement -- you must sound the horn in your entire land. So you must consecrate the fiftieth year, and you must proclaim a release in the land for all its inhabitants. That year will be your jubilee; each one of you must return to his property and each one of you must return to his clan.read more.
That fiftieth year will be your jubilee; you must not sow the land, harvest its aftergrowth, or pick the grapes of its unpruned vines. Because that year is a jubilee, it will be holy to you -- you may eat its produce from the field. "'In this year of jubilee you must each return to your property. If you make a sale to your fellow citizen or buy from your fellow citizen, no one is to wrong his brother. You may buy it from your fellow citizen according to the number of years since the last jubilee; he may sell it to you according to the years of produce that are left. The more years there are, the more you may make its purchase price, and the fewer years there are, the less you must make its purchase price, because he is only selling to you a number of years of produce. No one is to oppress his fellow citizen, but you must fear your God, because I am the Lord your God. You must obey my statutes and my regulations; you must be sure to keep them so that you may live securely in the land. "'The land will give its fruit and you may eat until you are satisfied, and you may live securely in the land. If you say, 'What will we eat in the seventh year if we do not sow and gather our produce?' I will command my blessing for you in the sixth year so that it may yield the produce for three years, and you may sow the eighth year and eat from that sixth year's produce -- old produce. Until you bring in the ninth year's produce, you may eat old produce. The land must not be sold without reclaim because the land belongs to me, for you are foreigners and residents with me. In all your landed property you must provide for the right of redemption of the land. "'If your brother becomes impoverished and sells some of his property, his near redeemer is to come to you and redeem what his brother sold. If a man has no redeemer, but he prospers and gains enough for its redemption, he is to calculate the value of the years it was sold, refund the balance to the man to whom he had sold it, and return to his property. If he has not prospered enough to refund a balance to him, then what he sold will belong to the one who bought it until the jubilee year, but it must revert in the jubilee and the original owner may return to his property. "'If a man sells a residential house in a walled city, its right of redemption must extend until one full year from its sale; its right of redemption must extend to a full calendar year. If it is not redeemed before the full calendar year is ended, the house in the walled city will belong without reclaim to the one who bought it throughout his generations; it will not revert in the jubilee. The houses of villages, however, which have no wall surrounding them must be considered as the field of the land; they will have the right of redemption and must revert in the jubilee. As for the cities of the Levites, the houses in the cities which they possess, the Levites must have a perpetual right of redemption. Whatever someone among the Levites might redeem -- the sale of a house which is his property in a city -- must revert in the jubilee, because the houses of the cities of the Levites are their property in the midst of the Israelites. Moreover, the open field areas of their cities must not be sold, because that is their perpetual possession. "'If your brother becomes impoverished and is indebted to you, you must support him; he must live with you like a foreign resident. Do not take interest or profit from him, but you must fear your God and your brother must live with you. You must not lend him your money at interest and you must not sell him food for profit. I am the Lord your God who brought you out from the land of Egypt to give you the land of Canaan -- to be your God. "'If your brother becomes impoverished with regard to you so that he sells himself to you, you must not subject him to slave service. He must be with you as a hired worker, as a resident foreigner; he must serve with you until the year of jubilee, but then he may go free, he and his children with him, and may return to his family and to the property of his ancestors. Since they are my servants whom I brought out from the land of Egypt, they must not be sold in a slave sale. You must not rule over him harshly, but you must fear your God. "'As for your male and female slaves who may belong to you -- you may buy male and female slaves from the nations all around you. Also you may buy slaves from the children of the foreigners who reside with you, and from their families that are with you, whom they have fathered in your land, they may become your property. You may give them as inheritance to your children after you to possess as property. You may enslave them perpetually. However, as for your brothers the Israelites, no man may rule over his brother harshly. "'If a resident foreigner who is with you prospers and your brother becomes impoverished with regard to him so that he sells himself to a resident foreigner who is with you or to a member of a foreigner's family, after he has sold himself he retains a right of redemption. One of his brothers may redeem him, or his uncle or his cousin may redeem him, or anyone of the rest of his blood relatives -- his family -- may redeem him, or if he prospers he may redeem himself. He must calculate with the one who bought him the number of years from the year he sold himself to him until the jubilee year, and the cost of his sale must correspond to the number of years, according to the rate of wages a hired worker would have earned while with him. If there are still many years, in keeping with them he must refund most of the cost of his purchase for his redemption, but if only a few years remain until the jubilee, he must calculate for himself in keeping with the remaining years and refund it for his redemption. He must be with the one who bought him like a yearly hired worker. The one who bought him must not rule over him harshly in your sight. If, however, he is not redeemed in these ways, he must go free in the jubilee year, he and his children with him, because the Israelites are my own servants; they are my servants whom I brought out from the land of Egypt. I am the Lord your God.

At the end of every seven years you must declare a cancellation of debts. This is the nature of the cancellation: Every creditor must remit what he has loaned to another person; he must not force payment from his fellow Israelite, for it is to be recognized as "the Lord's cancellation of debts." You may exact payment from a foreigner, but whatever your fellow Israelite owes you, you must remit.

Be careful lest you entertain the wicked thought that the seventh year, the year of cancellation of debts, has almost arrived, and your attitude be wrong toward your impoverished fellow Israelite and you do not lend him anything; he will cry out to the Lord against you and you will be regarded as having sinned.

If your fellow Hebrew -- whether male or female -- is sold to you and serves you for six years, then in the seventh year you must let that servant go free. If you set them free, you must not send them away empty-handed. You must supply them generously from your flock, your threshing floor, and your winepress -- as the Lord your God has blessed you, you must give to them.read more.
Remember that you were a slave in the land of Egypt and the Lord your God redeemed you; therefore, I am commanding you to do this thing today.

He commanded them: "At the end of seven years, at the appointed time of the cancellation of debts, at the Feast of Temporary Shelters, when all Israel comes to appear before the Lord your God in the place he chooses, you must read this law before them within their hearing.

"If you buy a Hebrew servant, he is to serve you for six years, but in the seventh year he will go out free without paying anything.

"Every seven years each of you must free any fellow Hebrews who have sold themselves to you. After they have served you for six years, you shall set them free." But your ancestors did not obey me or pay any attention to me.

We will not buy on the Sabbath or on a holy day from the neighboring peoples who bring their wares and all kinds of grain to sell on the Sabbath day. We will let the fields lie fallow every seventh year, and we will cancel every loan.

But if he gives a gift from his inheritance to one of his servants, it will be his until the year of liberty; then it will revert to the prince. His inheritance will only remain with his sons.