(https://emdrone.livejournal.com/300645.html)
Practice of debts writing off in the anniversary year has ancient roots. The word «anniversary» goes back to the bible term yovel, designating the fiftieth year when property debts were forgiven and debt slaves were released (Leviticus, 25:8-13). Similar traditions as C.Goodheart and M.Hudson mention in their article, existed in many Middle Eastern states — in Sumer, Assyria, Babylon. In agrarian societies, it was usual to take credits in the Temple (the Supreme religious organization) or from the governor, but in case of a poor harvest year, there was no possibility to pay them. In that case, the debtor either sold the property, or sold himself or a member of his family in slavery. However, those so-called agrarian debts — debts of households were forgiven in the anniversary year. Debts of merchants (investment), the result of commercial activity, were not written off.
Debts writing off occurred during the first millennium (BC).