I think there are 2 different kinds of bankruptcy, chapter 7 and chapter 11. If they filed chapter 7 it means that they are claiming to have no money, property, etc., to pay those they owe money to, and if they filed Chapter 11 it means they will pay, but how much and what is determined by the court.

I think if you file chapter 7 the court thoroughly investigates to determine there really is no money  there.

Robert can correct me if I am wrong about this.