The principles upon which bankruptcy rest, most notably that of forgiveness and a new beginning (or "fresh start") are precisely those ideals expressed in the Bible:

At the end of every seven years you shall grant a release.
And this is the manner of the release: every creditor
Shall release what he has lent to his neighbor, his brother,
Because the Lord's release has been proclaimed.
Of a foreigner you may exact it; but whatever of yours
Is with your brother your hand shall release.

Deuteronomy 15:1

This is precisely what modern bankruptcy law calls for: the legal imperative that those to whom money is owed shall grant you a release, or "discharge," of all debts owed to them. In our modern society, it is our federal legal system, part of the United States Code, which mandates and makes legal, if you will, this Biblical command.

The modern bankruptcy system is based on the Bible's principles of forgiveness of debt, of giving people a fresh start so that they may go on with their lives. And the timing of this fresh start is almost eerie in its parallel: whereas the Bible calls for this release every seven years ("The seventh year, the year for canceling debts, is near"), modern bankruptcy law typically permits this discharge now every eight years.