Pischei Choshen, Dinei Halva’ah, 2nd Perek says clearly that dina d’malchusa dina does not apply to bankruptcy law. Based upon the inability to identify the purposes of bankruptcy law and to explain why these polices are, or are not, for the benefit of the people of the land. There is also a difference between Chapter 7 and Chapter 11 protection as far as to how badly a person is trampling on the Shulchan Aruch.
In any event, a Jew would still halachically owe the money and Jewish debtors are still owed their money regardless of what protection a person might file.