Bankruptcy Reform and Collective Bargaining Preservation Act of 1984 - Amends the Bankruptcy Code to permit a trustee to reject or assume a collective bargaining agreement made under the authority of title II of the Railway Labor Act or the National Labor Relations Act only if and after the court approves such rejection or assumption. Requires notice to all parties and a hearing before the court may approve such a rejection.

Requires the trustee to meet and confer in good faith with the authorized representative of the employees who are subject to such agreement and to provide such representative with the relevant financial and other information.

Sets forth the circumstances under which the trustee may file a motion for the rejection of a collective bargaining agreement.

Prohibits the court from approving the rejection of a collective bargaining agreement unless: (1) the trustee has complied with the specified requirements; and (2) absent rejection of such agreement, the jobs covered by such agreement will be lost and any financial reorganization of the debtor will fail.