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The concept began with the Hebrews. Leviticus 25 provides for a "Jubilee Year" every 50 years (actually every 49th year based on a technical reading) in which Hebrews are able to redeem property sold or put up as a form of security, or even their own freedom. The cycle is 7 cycles of 7 years, so the original bankruptcy laws provided for bankruptcy every 7 years. The Republicans and credit card companies decided last year to abandon the Biblical standard and make it every 8 years. So much for the Christian right. The Lord's Prayer in Matthew implies that we all must forgive our debtors in order for God to forgive our debts. No good Christians in the credit community, I guess.

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17y ago

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