The whole idea of declaring bankruptcy is really not a great idea. Like it or not it WILL affect your credit for many many years!
All it serves to do it make banks even more wary of lending such vast amounts of money to newby pilots. If too many more people take this route then the likes of HSBC will shut their doors to all borrowing linked to an ATPL course and that will be that. Rich daddy or don't bother will then set in and for us wanabee's that just want to fly and step up to our responsibilities, financial or otherwise, we will find progressing much beyond PPL a near impossible task!
Anyway, on a more positive note...with the airlines making such massive profits hopefully it won't be too long before they start offering more sponsorships again. Although I don't think full sponsorships will ever be seen again.
CS