Pardon my ignorance about this JB ATPL program, but what do you end up with when training is complete? A frozen ATPL-type MPL license like they have in Europe?

The devil is in the detail, and I fear that JB management might take Ryanair's approach to pilot recruitment and employment which is not really mentally relaxing for the employee. There was a good article posted on pprune, I'll see if I can find it.

Regarding bankruptcy and your $125k in the hole, are those training expenses like your college debt?