Deuteronomy The Bible provides for one’s debts to be forgiven after seven years and American bankruptcy law acknowledges this long established principle Deuteronomy 15 The Year for Canceling Debts: 1. At the end of every seven years you must cancel debts. 2. This is how it is to be done: Every creditor shall cancel any loan they have made to a fellow Israelite. They shall not require payment from anyone among their own people, because the Lord’s time for canceling debts has been proclaimed. 3. You may require payment from a foreigner, but you must cancel any debt your fellow Israelite owes you. 4. However, there need be no poor people among you, for in the land the Lord your God is giving you to possess as your inheritance.