I don't think people really understand what a bankruptcy filing is.

If Bill Gates has $15 outstanding on his Spotify Premium subscription that he refuses to pay, they can file for personal bankruptcy against him. It doesn't mean he's broke

Yeah. No. I don't think you understand what a bankruptcy filing is. If BIll Gates refuses to pay Spotify, they can sue him for breach of contract and get a judgment against him and use that judgment to seize Gate's property to satisfy the debt if Gates still refuses to pay.

If Bill Gates was leveraged to the hilt and owed 80 billion dollars and didn't have enough income to service his debt, then he could file bankruptcy in an attempt to reorganize his debt (read pay at least some creditors less than they would have gotten pre bankrutpcy), or have his assets liquidated to pay his creditors.

Depending on how all that goes, he might come out on the other side still relatively wealthy but will have nevertheless "gone through bankruptcy."