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Book Review: Take Charge of Your Debt by Victor W. Luke, Attorney at Law

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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.

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About Dr Joseph S Maresca

I've taught approx. 34 sections of collegiate courses including computer applications, college algebra, collegiate statistics, law, accounting, finance and economics. The experience includes service as a Board Director on the CPA Journal and Editor of the CPA Candidates Inc. Newsletter. In college, I worked as a statistics lab assistant. Manhattan College awarded a BS in an allied area of operations research. The program included courses in calculus, ordinary differential equations, probability, statistical inference, linear algebra , the more advanced operations research, price analysis and econometrics. Membership in the Delta Mu Delta National Honor Society was granted together with the degree. My experience includes both private account and industry. In addition, I've worked extensively in the Examinations Division of the AICPA from time to time. Recently, I passed the Engineering in Training Exam which consisted of 9 hours of examination in chemistry, physics, calculus, differential equations, linear algebra, probability/ statistics, fluids, electronics, materials science/structure of matter, mechanics, statics, thermodynamics, computer science, dynamics and a host of minor subject areas like engineering economics. A very small percentage of engineers actually take and pass the EIT exam. The number has hovered at circa 5%. Several decades ago, I passed the CPA examination and obtained another license in Computer Information Systems Auditing. A CISA must have knowledge in the areas of data center review, systems applications, the operating system of the computer, disaster recovery, contingency planning, developmental systems, the standards which govern facility reviews and a host of other areas. An MBA in Accounting with an Advanced Professional Certificate in Computer Applications/ Information Systems , an Advanced Professional Certificate in Finance and an Advanced Professional Certificate in Organizational Design were earned at New York University-Graduate School of Business (Stern ). In December of 2005, an earned PhD in Accounting was granted by the Ross College. The program entrance requires a previous Masters Degree for admittance together with a host of other criteria. The REGISTRAR of Ross College contact is: Tel . US 202-318-4454 FAX [records for Dr. Joseph S. Maresca Box 646 Bronxville NY 10708-3602] The clinical experience included the teaching of approximately 34 sections of college accounting, economics, statistics, college algebra, law, thesis project coursework and the professional grading of approx. 50,000 CPA examination essays with the American Institute of Certified Public Accountants. Additionally, membership is held in the Sigma Beta Delta International Honor Society chartered in 1994. Significant writings include over 10 copyrights in the name of the author (Joseph S. Maresca) and a patent in the earthquake sciences.