1940 law usage urged by debt counseling services

1940 law usage urged by debt counseling services

AmeriDebt, one of the leading credit counseling and debt management services is recommending that U.S. guardmen and reservists take advantage of the Soldiers’ and Sailors’ Civil Relief Act of 1940 to at least in part deal with accumulated debt.

That law protects military members from certain legal obligations while they are actively engaged in national defense. According to a news release distributed by AmeriDebt, service members may qualify for any or all of the following relief under the Act:

* reduced interest rate on mortgage payments

* reduced interest rate on credit card debt

* protection from eviction if rent is $1,200 or less

* delay of all civil court actions, such as bankruptcy, foreclosure or divorce proceedings

For more information about the Soldiers’ and Sailors’ Civil Relief Act of 1940 visit www.defenselink.mil/specials/ Relief_Act_Revision.

Copyright Commercial Law League of America Jan/Feb 2004

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