The risks are known upfront
Yes they are. More so by the banks than the customers.
Which is why the banks have nothing to moan about if someone plays the bankrupt card. Its part of the risk they take.
To be honest I really hope that lots of wannabies do go bankrupt and put this practise to bed.
By far the most sensible suggestion is the one above.
The only other advice is don't get into debt in the first place.