JMHLO - It’s not necessary for the loan documents to state that they may transfer or assign the right to collect on the loan to another person or company, unless it is specific disclosure required by statute. The laws regarding loans are taken as read.
I’m confused as to the second part - did you mean that the DEBTOR files bankruptcy? If the debtor files bankruptcy and the loan is therefore zeroed out, then the creditor has no basis for assigning the collection of the loan to anyone. However, there are bottom-feeder collection agencies that will buy this kind of worthless debt for pennies on the dollar, and spend years trying to collect on them, even though they are not legitimate debts. They hope to finally get someone on the phone who’s frightened or intimidated enough to give them a few hundred dollars.
The original creditor/lender filed bankruptcy and informed credit bureaus that the loan was zeroed out. Subsequent communications /w the creditor indicate that they closed the account.