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Bankruptcy today is a very common thing among companies and individuals alike Sadly enough there were as many bankruptcy cases filed in federal courts as there were all other cases The American bankruptcy law allows people to avoid paying their debts by offering the debtors a discharge which eliminates all their legal responsibilities However bankruptcy is a controversial issue amongst religious members of the Jewish population for one must question whether it is morally correct to avoid paying a dept by filing for bankruptcy According to the torah a debt is an obligation that must be fulfilled Consequently if a bankruptcy discharge is invoked under the strictness of Jewish law one is still required to pay back the money no matter how long it may take him According to Bais Din the debtor must hand over his property with a few exclusions to the creditor and if this does not cover what he owes the creditor then every time the debtor acquires new assets he pays the creditor until he no longer owes him anything According to Halacha there is a way for the debtor to be discharged This is through Yeush This term denotes that this is the point where a person no longer believes he will recover the object he has lost In this case the creditor loses hope of being paid back the money the debtor owes him Therefore the debtor is free from his obligation to pay the creditor According to some poskim yeush does not discharge the debtor unless the circumstances such as where the debtors fields are ruined by a flood the debtor is in makes the creditor lose hope of ever being paid back According to others yeush can discharge the debt if the debtor becomes impoverished only and not because he didnt want to pay back his debt If the debtor does not become discharged through the creditors yeush there is one of two ways
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