Excerpt from Chapter 4 – “What is Bankruptcy? (History and Famous Cases)”

Bankruptcy – We Wrote the Book on It By Ronald C. Sykstus and the Bond and Botes Team of Lawyers

Excerpt from Chapter 4 – “What is Bankruptcy? (History and Famous Cases)”:

In the Old Testament, every seventh year is decreed by Mosaic
Law as a Sabbatical year wherein the release of all debts that are owed
by members of the community, except foreigners, is mandated. The
seventh Sabbatical year, or forty-ninth year, is then followed by another
Sabbatical year known as the Year of Jubilee wherein the release of
all debts is mandated, for fellow community members and foreigners
alike, and the release of all debt-slaves is also mandated. The Year of
Jubilee is announced in advance on the Day of Atonement or the tenth
day of the seventh month in the forty-ninth year by the blowing of
trumpets throughout the land of Israel.

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