Debt forgiveness is a key part of Shemitah. This article expands on that concept and ties it back to today:

“”Whereas today, both the wealthy and the less well-off use credit, during the era and society where the Bible is set, loans were typically only used by the poor, said Benjamin Porat, the director of the Institute for Research in Jewish Law at the Hebrew University of Jerusalem.

“A loan is kind of a mechanism for the rich people to become richer at the expense of the poor people,” Porat said.

Shmita was one of a few ways the Bible tries to correct for this imbalance, Porat said. For example, the Torah prohibits lenders from charging interest.

“Shmita is part of a complex of ideas in the Bible that essentially promote a socioeconomic vision in which people are given second chances to start over again in which they might change their economic and social position,” said Suzanne Last Stone, a professor of Jewish law at Cardozo Law School, Yeshiva University. “It kind of is like a reboot economically.” “”

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