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Debt relief existed in many societies of the Ancient Near East in the form of debt remission, whereby certain debts were declared void and the foreclosed property reverted to the original owners. Debts were often cancelled by a new ruler issuing a clean slate decree after assuming the throne or following a natural or man-made calamity.
Debt relief existed in a number of ancient societies: Debt forgiveness is mentioned in the Book of Leviticus (a Judaeo-Christian scripture), in which God counsels Moses to forgive debts in certain cases every Jubilee year – at the end of Shmita, the last year of the seven-year agricultural cycle or a 49-year cycle, depending on interpretation.
Seisachtheia (Greek: σεισάχθεια, from σείειν seiein, to shake, and ἄχθος achthos, burden, i.e. the relief of burdens) was a set of laws instituted by the Athenian lawmaker Solon (c. 638 BC–558 BC) in order to rectify the widespread serfdom and slavery that had run rampant in Athens by the 6th century BCE, by debt relief.
Solon's reforms included debt relief later known and celebrated among Athenians as the seisachtheia (shaking off of burdens). He is described by Aristotle in the Athenian Constitution as "the first people's champion". Demosthenes credited Solon's reforms with starting a golden age.
As millions of Americans await the Supreme Court decision on student loan forgiveness, advocates of student debt relief explore other avenues President Joe Biden could use to achieve his goal. Why ...
Bankruptcy is a legal process that provides relief from overwhelming debt by liquidating assets or creating a repayment plan. Chapter 7 bankruptcy is ideal for unsecured loans (such as credit card ...
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