Case Study: Your long-time friend Carl comes to you with a serious problem in his life. He is a believer, and he wants your advice. For years he and his family have lived above their means. They did this by continually refinancing their house and rolling their credit card and other debt onto their home mortgage. However, now that real estate prices are no longer rising but actually falling, Carl can’t refinance anymore and can’t pay his monthly bills as they come due. He is in a real credit crisis. His creditors are calling him threatening lawsuits, garnishments, and other unpleasant things. One of his friends at work said that he should file bankruptcy. He comes to you for advice from a Christian perspective. In particular, he wants to know:
1. Does the Bible forbid him to file bankruptcy?
2. Does the Bible forbid borrowing altogether? If not, when is it permissible to borrow money?
Use the words “Forbids” or “Does not Forbid” in the subject line of your discussion board post, depending upon your conclusion. Most be in APA style format and 300 words
Suggested Readings:
Read and consider these and other Bible verses that relate to borrowing, lending, and lawsuits: Proverbs 17:14, Proverbs 20:3, Proverbs 25:8-10, 1 Corinthians 6:1-8, Matthew 5:22-26, Matthew 5:33-37, Matthew 5:38-42, Psalm 37:21, Ecclesiastes 5:4-5, Colossians 3:9, Ephesians 4:22, Ephesians 4:25, Leviticus 25, Deuteronomy 15:1-18, Psalm 37:26, Psalm 112:5, Proverbs 19:17, Proverbs 22:7, Deuteronomy 24:6, Deuteronomy 24:10-13, Deuteronomy 24:17, Exodus 22:25-27, Proverbs 6:1-5, and Proverbs 22:26-27. You may also want to consult some good commentaries and other study aids on some of the verses that seem particularly relevant to you.
Have you studied all of the recommended readings?
a few of the bible verses
Title: The Bible's Perspective on Bankruptcy and Borrowing
Filing for bankruptcy: Does the Bible forbid it?
The question of whether the Bible forbids filing for bankruptcy is a complex matter, as the Bible does not specifically address bankruptcy as we know it today. However, we can analyze biblical principles related to borrowing, lending, and financial stewardship to draw some guidance.
While the Bible teaches the virtues of honoring one's commitments and repaying debts promptly (Proverbs 22:26-27), it also emphasizes the importance of justice, mercy, and forgiveness. In the Old Testament, the Year of Jubilee outlined in Leviticus 25 and the release of debts every seven years in Deuteronomy 15:1-18 reflect God's provision for those burdened with unmanageable debt. This emphasizes the need for compassion and grace in dealing with financial difficulties.
In light of these principles, it could be argued that bankruptcy, when used as a last resort, can be permissible for a believer seeking to address overwhelming debt in a responsible and honest manner. Bankruptcy allows individuals to receive a fresh start, avoid unnecessary suffering, and work towards financial rehabilitation under the oversight of the legal system. However, it is important to approach bankruptcy with a deep sense of personal reflection, seeking wisdom and guidance in prayer and seeking professional financial and legal advice.
Borrowing: Does the Bible forbid it altogether?
The Bible does not forbid borrowing altogether, as it acknowledges the use of loans in certain situations. However, it offers guidance on the responsible use of borrowing to ensure financial integrity.
Proverbs 22:7 cautions against becoming a slave to debt, highlighting the importance of living within one's means and avoiding unnecessary financial burdens. Additionally, the Scripture encourages believers to honor their financial commitments promptly (Ecclesiastes 5:4-5) and to be cautious when entering into agreements (Proverbs 6:1-5).
However, borrowing can be permissible under certain circumstances, such as investing in education, starting or expanding a business, or acquiring a primary residence. Borrowing should be done responsibly, with a clear plan for repayment and prudent consideration of the associated risks.
In conclusion, the Bible does not explicitly forbid filing for bankruptcy, and borrowing is not inherently forbidden. Instead, Scripture emphasizes financial responsibility, integrity, compassion, and wise stewardship. When faced with overwhelming debt or considering borrowing, seeking wise counsel, and aligning one's decisions with biblical principles are crucial for making morally sound choices.
References:
Proverbs 17:14; Proverbs 20:3; Proverbs 25:8-10; 1 Corinthians 6:1-8; Matthew 5:22-26; Matthew 5:33-37; Matthew 5:38-42; Psalm 37:21; Ecclesiastes 5:4-5; Colossians 3:9; Ephesians 4:22; Ephesians 4:25; Leviticus 25; Deuteronomy 15:1-18; Psalm 37:26; Psalm 112:5; Proverbs 19:17; Proverbs 22:7; Deuteronomy 24:6, 10-13, 17; Exodus 22:25-27; Proverbs 6:1-5.