Bankruptcy, and the morality of the lenders, you must be kidding me?
Most pilots have probably been begging on their knees to get some of those loans, that they can not afford to pay back. I would say those considering Bankruptcy - would should not be fit for the job. They have shown a serious lack of judgement, which I would not want any pilot having when I was flying with him.
The pilot would have to be Dumb to believe there would be a job waiting for him as soon as he finished his CPL/IR with 200 - 250 hours.
With some research in advance, you should also calculate, expect to wait 2 to 5 years to build hours before even being considerd for a job as a pilot, years which is a part of your school and education to build hours, to gain more experience and training.
I refused to take the responability of putting my mothers house in jeopardy 20 years ago, and thats why I am now trying a little later then expected. But now I can fund it mostly myself, trough my own business and own hard work.
I did not want my actions to cause my mother to loose her house.
Encouraging someone to speculate on bankruptcy, is not right. I believe if this is your dream, then find ways to make the school as cheap as possible, to lower your risk - pilots need to be able to make risk assesments, in case of emergencies, however some prospective students are not able to do that about their own life. So if their own life crashes, how will that make them a secure pilot?
Many should not spend all in one go, my instructor now when I was retaking my PPL again told me to pace my flying, so I get all the important things I need. I had planned to go over to the US, and blow 10K on flying, just to build some hours, as he said, dont go just flying holes in the sky, you might need the money later!
Now I am lucky that I did not start on scratch, I have still 120 hours logged from 20 years ago, which I can use towards my licenses, and that saves me very much money, compaired to someone starting fresh today.
But if you are young and new, you have plenty of time - make it run over 3 to 5 years to get all you need, and work at the same time, and make personal sacrifises. If you can't do that now, then maybe this is not the right education for you - it's about more then flying - you do not want to be under pressure that you going to make your family loose their home. Or maybe you don't care or understand this? If so good riddance to you.