One of the requirements for the Thailand Privilege visa is that:

• Must not have a record of criminal conviction, bankruptcy, or being deemed mentally unfit.
• However, if the following applies to you below, there is a possibility that Thai Immigration Services may not decline your application: 
  • If your declaration was wiped from your record. 
  • You are now financially stable

Bankruptcy time frames can vary from country to country e.g In Australia bankruptcy will be noted in your file for 10 years.

If you are outside the timeframe of bankruptcy for your country, then you are eligible to apply for a Thailand Elite visa. If you are currently within the term of bankruptcy, then you cannot apply for a visa.