I was always under the impression that JWs who declared bankruptcy were supposed to go back and pay the amounts that were wiped out by the bankruptcy to the extent that they were able to. For example:
*** w97 3/15 p. 21 par. 15 Let Discernment Safeguard You ***
15 Those experiencing business failures sometimes seek relief by declaring bankruptcy. Since Christians are not negligent about indebtedness, even after being legally freed of certain debts, some have felt obliged to try to pay off canceled sums if the creditors would accept payment. But what if a borrower lost his brother’s money and then lived in a luxurious manner? Or what if the borrower acquired sufficient funds to pay back what he borrowed but ignored the moral obligation he may have to his brother financially? Then there would be questions about the borrower’s qualifications to serve in a responsible capacity in the congregation.—1 Timothy 3:3, 8; see The Watchtower, September 15, 1994, pages 30-1.
You all know, I'm sure, that in Watchtower-speak, "some have felt obliged" really means "this is what we expect you to do." At the very least, it would seem from this citation that bankruptcy should exclude one from being an elder, MS or pioneer, at least until every effort has been made to pay off the canceled debts.