No, Leviticus 25 states quite clearly "You may treat them as your property, passing them on to your children as a permanent inheritance. You may treat your slaves like this, but the people of Israel, your relatives, must never be treated this way."
Oddly though, since fellow Israelites were "never to be treated this way", Exodus 21 has this to add about Hebrew slaves, "If his master gave him a wife while he was a slave, and they had sons or daughters, then the man will be free in the seventh year, but his wife and children will still belong to his master. But the slave may plainly declare, 'I love my master, my wife, and my children. I would rather not go free.' If he does this, his master must present him before God. Then his master must take him to the door and publicly pierce his ear with an awl. After that, the slave will belong to his master forever."
So you would be freed after 7 years, but only if you were Hebrew, and willing to leave your faimily in slavery.
So anyone but fellow countrymen (and only men, note) were perpetual property. So at best it's a "welfare system" for domestic douchebag deadbeat dads and no-one else.
For everyone else, it's unmitigated slavery.