The concept of assignment of debt refers to a transfer of the debt and all related rights and obligations from a creditor to a third party. The assignment is a legal transfer to the other party who then becomes the owner of the debt. In most cases, a debt contract is awarded to a collection company, which then assumes responsibility for collecting the debt. After an assignment of debt, the debtor always retains the same legal rights and protections that exist with the original creditor. `The burden of proof of an assignment shall lie with the party asserting rights therein.