Deuteronomy 15:1

At the end of every seven years you must declare a cancellation ¹  of debts.

Ex 21:2; Ex 23:10,11; Le 25:2-4; De 31:10; Isa 61:1-3; Jer 36:8-18; Lu 4:18,19

¹ tn The Hebrew term שְׁמִטָּת (shÿmittat), a derivative of the verb שָׁמַט (shamat, “to release; to relinquish”), refers to the cancellation of the debt and even pledges for the debt of a borrower by his creditor. This could be a full and final remission or, more likely, one for the seventh year only. See R. Wakely, NIDOTTE 4:155-60. Here the words “of debts” are not in the Hebrew text, but are implied. Cf. NAB “a relaxation of debts”; NASB, NRSV “a remission of debts.”