Deuteronomy - Chapter 15

This chapter sets out the rules for cancelling debts - all of which were to be written off at the end of every seven years.

“At the end of every seven years you shall grant a release of debts. And this is the form of the release: Every creditor who has lent anything to his neighbor shall release it; he shall not require it of his neighbor or his brother, because it is called the Lord’s release."

Paul says that this is what Jesus has done for us.  In Collossians 2, Paul writes:

"When you were dead in your sins and in the uncircumcision of your flesh, God made you alive with Christ. He forgave us all our sins, having canceled the charge of our legal indebtedness, which stood against us and condemned us; he has taken it away, nailing it to the cross."