Were all debts released in Deuteronomy 15:2?

Were all debts released in Deuteronomy 15:2?

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KJV Deuteronomy 15 : 2

And this is the manner of the release: Every creditor that lendeth ought unto his neighbour shall release it; he shall not exact it of his neighbour, or of his brother; because it is called the LORD’S release.

In the above text we are simply told that debts shall be released but its not clear which ones.

Did this also involve contractual obligations as well?

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