I heard about a new book, Take Charge of Your Debt, by attorney Victor W. Luke. He discusses the ins and outs of debt collection and management, giving a history of debt collection, why people choose bankruptcy, illegal debt collection behaviors, and provides an Income/Expense Worksheet to calculate debt repayment.
Although this book may be a decent reference for debt related matters, it does not take the place of consulting with a competent attorney when dealing with creditors and debt collectors. Creditors have lawyers – lawyers who deal every day with lawsuits and debt negotiations. The alleged debtor needs to be represented as well.
You can choose to represent yourself in negotiations with a debt collector. But, as in any field that requires knowledge and experience, it’s a good idea to place your confidence in the hands of an experienced attorney. Here are a few more reasons why:
- An individual is at a significant disadvantage when dealing with credit card company lawyers or bank lawyers because the lawyers are more knowledgeable.
- Being represented by an attorney will stop annoying and harassing debt collector phone calls. The collector must communicate with your attorney instead.
- Because of experience and knowledge, your attorney can negotiate a more advantageous debt settlement.
- By letting a lawyer negotiate on your behalf, you do not have to listen to personal attacks about your financial history.
- A lawyer is licensed by the California Bar Association and is held to the Bar’s code of ethics. You can report any problems.
- If a credit card company or bank decides to sue, your lawyer can take immediate and appropriate action.