"Just a thought, what if you had gotten a job and paid your tab at Heidis bar?"

Then, unless the house of cards tumbles, you'd be on the losing end paying for your drinks and drinking a cheaper booze while others drink for free and sip the expensive stuff.

"They find they are now faced with having to write off her bad debt and with losing over 90% of the presumed value of the bonds."

And pay less taxes due to the write off.

"Her wine supplier also claims bankruptcy, closing the doors on a family business that had endured for three generations"

Or they restructure leaving everyone they owed holding the bag and continue doing business as usual free and clear. Or the other option they do close the doors and then re-open with all of the same principles operating under a new name and owe nothing. Bankruptcy is very business friendly.