Non profits usually close rather than file bankruptcy. The ones that do usually fulfill a vital role in the community. The WT does not run schools, shelters, medical facilities or orphanages. It would likely close. This would be when their assets were depleted to the point that incoming contributions could no longer maintain the remaining work and workers. After it gets down to some pathetic point where the lack of contributions and involvement could no longer be disguised.
At this point the severe cutbacks could be a ploy or they could be desperately scrambling for reasons which will later be exposed. Let's wait and see.