The problem with that is that nearly every student coming out of college would qualify as bankrupt. No one would want to lend money. A better solution would be for banks to lend money with an interest rate based on the likelihood of being repaid. So a straight A student pursuing a medical degree could get a cheap loan. A C+ student pursuing a philosophy degree would have to pay through the nose.
Bankruptcy has a lot of ramifications above and beyond discharge of debt. Getting one may well render you unemployable so it really should be a close to last option.
That said I absolutely agree that provision of loans should be based on ability to repay and the colleges should be the first not last ones to pay in the case of default. This is really not that different from mortgages. If you make it economically viable to lend to poor risks then don’t be surprised at the defaults.