Foreclosure

(Pro 22:27 KJV)  If thou hast nothing to pay, why should he take away thy bed from under thee?

I have mixed feelings about this verse.  On the one side, it seems unfair to the person who loaned the money.  Are you not supposed to get your loan paid back?  It would seem that is the case.  This reflects the biblical view of borrowing money and going into debt.  It is really frowned upon.  Debt is equated with slavery.  There is a limit put on it in biblical thinking.

On the other hand, this seems like it could be the beginning of the concept of bankruptcy.  When a person cannot pay, you don’t throw them in jail.  You have standards and rules, which limit how much you can take away from someone.  I’m not an expert by any means on bankruptcy, but I think that you are allowed to keep certain assets such as maybe a home.  The creditors can only take so much.

I think part of what is going on here is that they are concerned about people that make bad loans.  Does the word “lone shark” mean anything to you?  There are people who loan money knowing that they probably won’t get it paid back.  They make their profit by confiscating what is offered as security.

So?  Keep in mind that the Bible is really down on being in debt . I did borrow for tuition one year, but that was in the day when you paid it back.  I had a home mortgage.  I borrowed money from my parents once when my car blew up.  Other than that I don’t think I have had experience in loans.  Everyone’s situation is different.  I would urge you to do everything you can to stay out of debt.