Um... God said (to the Israelites) that all debts were to be erased every SEVEN (7) years. Oooo, "replacement theology." No, it doesn't work that way.
Matthew 7:21 Not every one that saith unto me, Lord, Lord, shall enter into the kingdom of heaven; but he that doeth the will of my Father which is in heaven. 22 Many will say to me in that day, Lord, Lord, have we not prophesied in thy name? and in thy name have cast out devils? and in thy name done many wonderful works? 23 And then will I profess unto them, I never knew you: depart from me, ye that work iniquity. The Greek word for "iniquity" anomian, the root for which is "nomos." So as opposed to "iniquity" the translation is more properly LAWLESSNESS.
Just what Law do you think Jesus might have been talking about? Why, the Law of the Father. That would be the Torah. Follow Him, and you choose to follow the Law of Moses, your works according to which you will be judged. Don't think works matter?
Matthew 16:27 For the Son of man shall come in the glory of his Father with his angels; and then he shall reward every man according to his works.
Yes, we are saved by grace, but we are judged by works, according to the Mosaic Law.