The American Bankruptcy Law and Biblical View

THE AMERICAN BANKRUPTCY LAW AND BIBLICAL VIEW 1

TheAmerican Bankruptcy Law and Biblical View

TheAmerican Bankruptcy Law and Biblical View

Inthe United States, a debtor can petition the court seeking a waiverfor the whole or part of what he/she owes others. The legalinstitutions can grant such request after confirming that thepetitioner is not in a position to repay. In law, a decision maybecome obsolete if there is evidence of impracticability. Thequestion of the extent to which a man is responsible for his actionswith regard to a contract is rather contentious. The bankruptcy lawas enshrined in the American constitution is consistent with Biblicalteachings of wavering debts when it is impractical for the creditorsto meet their part of the contract.

TheBible teaches that individuals can waive the resources they are owedafter a given period. Genesis 15:1-4 teaches that statesmen shouldforgive their debts after seven years. However, the debtors must bepoor to enjoy the release. The contemporary law requires anassessment of the debtors’ ability to fulfill the contract beforedeclaring them bankrupt and consequent waiver their dues. TitusHerbert, God,Man, and Law: The Biblical Principles207 (Institute in Basic Life Principles, 1994).

Inaddition, it is assumed that individuals enter into a contractwillingly and without the intention of defying it. Mathew 5:37requires individuals to be open and firm when making declaring theirstances. The Biblical teachings hold Christians responsible fordeclaring truthful information when making promises (MasonJohn, Biblical Teaching and Assisting the Poor,23 The Bible and Christian Ethics (2013). In a similar way, the lawassumes that parties in a contract reached an agreement after gettinga full disclosure.

Theregulation is also in line with Biblical teachings since both offerexemptions. In the common law, contracts are absolute, and allparties are held responsible for fulfilling them. In Numbers 30: 2,the Bible commits Christians not to break a word that proceeds fromtheir mouths. However, there are exemptions of poverty that areconsidered when forgiving debts. This is also captured in thecontemporary law in which the performance towards a contract dependson the sustained existence of a given person or thing. Tabb Charles,Lawof Bankruptcy151 (West Academic, 2013). Both have exemptions for contracts.

References

MasonJohn, Biblical Teaching and Assisting The Poor, TheBible and Christian Ethics(2013). 23.

TabbCharles, Lawof Bankruptcy.West Academic, 2013.

TitusHerbert , God,man, and law: The Biblical principles.Institute in Basic Life Principles, 1994.