What worries me about going bankrupt is the issue of "Reckless Bankruptcy." I know very little about it and it hasn't been mentioned in this thread yet. As far as I know, if an individual borrows money with no intention of paying it back, the creditors can chase the debt for ten years. I'm not sure if this "Reckless" thing only applies to certain purchases; maybe it only refers to those funding a champagne lifestyle and funding flight training might not be considered reckless. If you declare yourself bankrupt straight after training though you've not shown much willingness to pay the the money back. Could you imagine being pursued for £60,000 plus interest and debt chasing bills for the next ten years?
If you could convince a court that you've attempted to pay the money back and they give you the one year discharge, great! I'm not saying bankruptcy is a certain no no. I'd just like the "Reckless Bankruptcy" thing explained before I max out my plastic on A320 time building.