National Guard and Reservists Debt Relief
Act of 2008

In these troubled times, a little relief can help a lot. A new law, the National Guard and Reservists Debt Relief Act of 2008 (PL 110-438), provides Guard and reserve service members with bankruptcy. The law exempts reserve component personnel from going through a time-consuming means test prior to filing for bankruptcy, thus shortening the process. Reserve members are eligible if they have been on active duty for 90 days or more since 11 Sep 01 and is good for 540 days following activation.

Also See:
Navigating Financial Hard Times For Military Families
It's Not Too Late to Have Spotless Credit

 
Source: Military.com, New Law Aids Guard and Reserve