3,777. When Shemittah Cancels Debts

Hilchos Shemittah v’Yoveil 9:3

Under Rabbinic law, the cancellation of debts applies everywhere nowadays even though yoveil isn’t observed. This was instituted so that the cancellation of debts wouldn’t be forgotten by the Jews.

Hilchos Shemittah v’Yoveil 9:4

Shemittah only cancels debts at the end, as per Deuteronomy 15:1-2: “At the end of seven years, you shall make a release….” Later, Deuteronomy 31:10 says, “At the end of seven years, at the time of the shemittah year, during the holiday of Succos….” Just as the latter refers to after seven years, the cancellation of debts also takes place after seven years. Therefore, if one person lent another money during shemittah, he may demand payment for the whole year. However, once the sun sets on the night of Rosh Hashana of the eighth year, the debt is canceled.