Is there any country that celebrates or follows the rules for the Year of Jubilee? And when I say follow, I mean they follow what it says in Leviticus 25:8-55: the Day of Atonement, the freeing of slaves, the forgiveness of debt after 7 years, land being returned to their owners and so on. Obviously, here in the States we do not follow or recognize the Jubilee. Also, is Chapter 7 Bankruptcy supposed to be based off the Jubilee and the forgiveness of debt? I don't believe so as this would be a misguided misuse of the intent of the forgiveness of debt from the Jubilee commands. Finally, since all property and land belongs to God, why isn't this observed by churches?
Short answer: we don't (and can't) follow Jubilee regulations because it's old covenant legislation -- not new. Christians have no right or mandate to establish a commonwealth like Israel. In the Middle Ages, bishops worked to join church and state -- and what a catastrophe! Today, the people of God will never be a state, since only the minority will follow the Lord (Matt 7:13-14).
The only country that sort of follows the Jubilee is Israel. However, it is a legal fiction. They sell the country to a Gentile, and then buy it back on the same day, in order not to violate the command! Yet we can sensitize ourselves to the spirit of the Jubilee. Jesus framed his ministry in the language of Jubilee (Luke 4:18-19).