A 19 year (with an old head on young shoulders) would probably get away with it. The judge would most likely consider the bankruptcy to be caused by greedy creditors trying to take advantage of a naive youngster and getting burnt in the process.
I'm a 25 year old PPL with my ATPL theory in the bag. I've no real assets, just a pile of hard earned cash saved for the rest of my training. The training will the done in the States and will be followed by a couple of years of general aviation work out there. Even before I read this post, it had occured to me that I have £50,000-£100,000 of credit available through my plastic pals. It does seem very tempting to give my savings to my parents for safe keeping, pay for everything on cards and declare myself bankrupt. If I was on the other side of the Atlantic in a low paid FI job with sub £5000 debts on each card and a £50,000 total debt it would make me a very hard debtor to chase. Three years later I could have a good flying job and get my savings returned.
I've not yet read anything in this thread to convince me that I could get away with a scam like this. There does seem to be a loophole but it would take a brave person to try to take advantage of it.