How Not to Go Bankrupt?

| December 16, 2013

Photo by Jacob Enos / Flickr

Is there a way to make sure you don’t go bankrupt? Some think that the bible holds the answers to financial independence – and avoiding bankruptcy. In order to find out what the Holy Book says about going broke and how you should handle your money, keep reading. It’s amazing how a book that is so old can still help with finances in the modern world.

Bankruptcy and the Bible

Whether you look at the old testament or the new testament, you’re going to find a lot of words about bankruptcy and debts. Here’s a few of the passages you should keep in mind.

  • Romans 13:8 – In this verse, the Apostle Paul talks about not going into debt. While he doesn’t say it’s something that should be avoided at all costs, it’s another reminder of God’s distaste for debt.

  • Psalm 37:21 – This verse talks about God’s distaste for all forms of debt that aren’t repaid in a timely manner. It also talks about how the generous give money – which is better than owing debts for a long time.

  • Proverbs 28:8 – Charging too much interest for debts is not a good thing according to the bible. This lesson from the old testament is repeated again in Matthew 25:27.

  • Leviticus 25:35-38 – In ancient Israel, the Chosen People were not allowed to charge interest for loans made to those who were poor or unfortunate. This law really helped people avoid financial problems they couldn’t solve.

  • Matthew 18:23-35 – This parable talks about two different creditors that are owed money and the different ways that they use to get the money back. The lesson? Go read the whole thing.

Many other references in the bible deal with money, debt, and the poor. The most important lesson in the bible is that Jesus Christ is Lord. Jesus summed up the whole bible saying that the two things people need to do is love God and love others like themselves.

When you extrapolate those to the financial world, you can really begin to understand the bible’s stance on debt and money matters. One of the biggest lessons that happens over and over again is that it’s not a good idea to go into debt in the first place. And if you do go into debt, there’s probably a reason.

Being a good steward of God’s property – He owns the universe – is important. And this means not going into debt in the first place. For those who have fallen to the evils of loving money and possessions, however, it can be hard to know what to do. Is bankruptcy a solution? For some perhaps, but it’s really going to be a personal decision between people and their creator.

Written by: Sara Xiang likes to buy day old chicks online. In her spare time she also enjoys reading various infographics online, especially the ones that are really funny and entertaining – not to mention useful and educational.


Category: Bankruptcy

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