(This measure has not been amended since it was reported to the Senate on September 15, 2008. The summary of that version is repeated here.)
National Guard and Reservists Debt Relief Act of 2008 - (Sec. 2) Amends federal bankruptcy law to prohibit the bankruptcy court from dismissing or converting a chapter 7 liquidation case based upon means testing if the debtor, after September 11, 2001, was called to active duty or homeland defense activity while a member of a reserve component of the Armed Forces or a member of the National Guard, and such debtor is: (1) on active duty for a specified period; or (2) performing a homeland defense activity for a specified period.
(Sec. 3) Directs the Comptroller General to study and report to Congress on whether and to what degree members of reserve components of the Armed Forces and the National Guard: (1) avail themselves of the benefits of this Act; (2) are debtors in federal bankruptcy cases substantially related to service that qualifies them for such benefits ; and (3) are debtors in federal bankruptcy cases materially related to such service.
Requires such study to include the effects that the use of this Act by such members has upon: (1) the bankruptcy system; (2) creditors; and (3) the debt-incurrence practices of such members.
Prescribes mandatory factors for consideration in such report.