Professional debtor
From Wikipedia, the free encyclopedia
The phrase professional debtor refers typically to a person who habitually or purposely collects and evades debts.
This terminology is also used in the collection agency industry as a client who is a repeat offender, eg, has many debts with no intention of paying. Some professional debtors go as far as to file Chapter 7 bankruptcy every 7 years as the federal laws allow in order to continue avoiding paying debts.
Some professional debtors claim to make a living off simply accruing various debts.[citation needed] The typical philosophy of a professional debtor is not that they "cannot pay", it is because they "do not pay". Such debtors manipulate their various liabilities by delaying or refusing payment as a means of increasing their cash flow; typically using the laws that favor debtors, such as the Fair Debt Collection Practices Act and state's landlord-tenant laws.
In order to eliminate harassment from collection agencies, the professional debtor will use the FDCPA in their favor, such as 15 USC 1692g which requires collection agencies to cease all contact with the debtor simply by mailing them a letter stating to cease contact. This process will typically transfer the collection process back to the original creditor who more than likely will write off the debt.
