I think losing your position over bankruptcy is a matter of the situation. I know a COBE who's "worldly"™ employee double-crossed him and caused him to lose his business while the "worldly"™ employee secured contracts for a competitor. He was ruined financially. He filed BK and maintained his position.
I've known others who were removed because they filed BK simply because they didn't manage their finances and got too far in debt. It was determined that it was their fault and that they were simply using BK to not pay their debts.
I had one elder tell me that a Witness could only file chapter 7 (I think that's the one) because it required them to pay their debts.