Michigan Bankruptcy Lawyer Mike Shovan
We live in a time like no other. Here in Michigan, many of us are struggling to just to keep up with our day to day living expenses. As a result of divorce, job loss or illness, many of us have incurred debts that we can never repay. Many Christians feel guilty about filing for bankruptcy. We know that bankruptcy is a legal right guaranteed by the Constitution – but still – we are buried in guilt because of our strong Christian beliefs. Before I filed bankruptcy myself back in 2005, here are some things that I thought about. The Bible Does Not Condemn Bankruptcy First and foremost, the Bible does not condemn bankruptcy. In fact, the Old Testament provided that debts had to be forgiven every 7 years? No questions asked – no bankruptcy petition necessary. Here was the law: At the end of every seven years you shall grant a release of debts. Similarly, the Old Testament commanded people to free their slaves every 7 years. The Bible refers to debtors as slaves to their creditors. So, based on the Bible, creditors are required to free their debt slaves every 7 years. Interestingly, under the bankruptcy law – you can file for Chapter 7 bankruptcy every 8 years.