In bankruptcy lingo, the term “consumer debt” is often used to clarify how debts have been incurred. Consumer debt is different from business debt. It involves funds used for consumption rather than investment. Consumer debts are typically classified as such based upon the purchase of consumable goods that do not appreciate in value, such as…

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Collecting, Buying and Selling of Debt It has become a multibillion-dollar industry; debt Collectors will do whatever it takes to collect a debt. Sometimes called “debt buyers,” these organizations purchase charge-off debts for pennies on the dollar then often repackage and resell the debt, or portions of the debt to other agencies or firms to…

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