What Would Happen?

In the Law of Moses, there is something that is called the Year of Canceling Debts. What would happen, especially now that we are seeing the bankruptcy of quite a few corporate entities, if this were acted upon by the land of America at this time? I am not calling for a union of church and state here, but an examination of the establishment of such mandate by the government. I believe that the Year of Canceling debts occurs once every seven years according to the Law of Moses. If America were to matriculate such an institution, I believe the idea would catch on. Perhaps this could extend to the debts men have to society, as well, freeing all of the prisoners from prison, giving amnesty to all men. I am not calling for such a thing necessarily every seven years, but perhaps letting it be a one time thing, and if it works, then establish it regularly.  What would happen? It would definitely be a day of light for those who have incurred debt, and, while referring to an old thing, it would be socially innovative in contemporary times, and it would not be a dark day at all.