Take Charge of Your Debt: Do It Yourself by Victor W. Luke, Attorney at Law, teaches people the ins and outs of debt collection and management. The author traces through the history of legal jurisprudence even citing the Scriptures on usury. In 1275, England’s Edward I passed a statute making all forms of usury illegal.
Luke explains why people choose bankruptcy. The rationale is that the immediate need to protect large assets like one’s house is the driver for the filing. The author explains that collection agencies get paid when you settle. And so, your objective is to settle on the best terms, if you settle at all. The book has plenty of illustrative letters which provide the legalese necessary to answer debt collection agencies both with or without a formal court proceeding.
The most valuable part of the book explains debt collection behaviors which are forbidden by law. These behaviors preclude debt collectors from publishing your name, threatening legal action, threatening arrest or the loss of child custody, the use of unconscionable means to collect debts, pretending to be affiliated with the government or contacting you during the wee hours of the morning.
Luke provides an Income/Expense Worksheet which may be helpful in deciding just how much debt repayment you can afford. The author reviews the bankruptcy exemptions in every state in the union beginning with Alaska. The back of the book has a very extensive glossary of terms which amplify the legalese in the various legal filings relating to debtor/creditor disputes.
Take Charge of Your Debt is an excellent reference book on all debt related matters where a debtor is being pursued for payment by a creditor or collection agency. This book is extremely helpful because credit agencies can be merciless in pursuit of prompt payment while utilizing techniques that may very well be illegal.
Anyone who owes money should consider buying this book to learn the dynamics of the credit collection process. The book explains how to proceed carefully with the full knowledge of the applicable laws in place to protect you.