What is credit vs debt

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  1. Adel Hafez says:

    Great article indeed Hazlo, brand new information for me, I was thinking that the law protect the debtors only, but this rise a question of,

    If I used my credit from here in Egypt and the debtor are in the States and there is an issue can I be protected by this act as foreigner?

    Another question in regards to the act

    Is the court which deal with both cases is the same or different?

    Many thanks for your support and making me learn something new every time I read one of your articles.

    1. Adel,
      Your engaging questions lead us to get responses correct the first time.
      You need to further research on the protection laws and existing acts of the land that govern the exact scenario that you have pointed out here.
      These could be revised depending on current economic times. For example, a business can declare bankruptcy and start afresh. But for student loans, yoit is nearly impossible to get a bankruptcy deal. Its all a different ball game.
      A creditor and a debtor create a relationship around money, debt, and credit. They are both protected.
      We are elated to know that you find helpful information from ThExtraordinariOnly blogs.