Looks to me like McFarlane is pulling a fast one.
The bankruptcy sems to only cover the comic book studio. And that has become an increasingly marginal operation for McFarlane. He's much more interested in the (in)action figures put out by McFarlane Toys. And you'll note that MacFarlane Toys, rather than being a part of the bankruptcy, is a CREDITOR. This means the bankruptcy technically won't affect the toy line (and thus McFarlane's main finances) very much.
Also interesting that a number of artists are mentioned as being owed a lot of dough. Guess McFarlane was too busy buying baseballs to write checks for the peole who actually DO create his comics!
"Sometimes, as I'm getting myself into some really stupid situation, I wish I could just cry out, "Stunt Dork!" And some other dork that looks like me from a distance (maybe he has to wear a wig) will get in trouble for me."
-- 'Lildeath' (DC Comics Board)