No, that is not correct. The primary reasons is that everyone would file claims with the bankruptcy court because the costs associated with asserting claims there are much much smaller than filing contractual/common law claims. Delay makes it possible that BAC can still avoid a filing because the more time that passes, the more statute of limitations comes into play.
There is also the little issue of successor liability. There is a small chance that BAC will be held liable. I judge the odds in a fair hearing to be extremely small. I am less sure about the odds of a fair hearing.
The people who say it would make it difficult for BAC to do business in the future if BAC puts Countrywide into bankruptcy due to trust issues are crazy. The only people who they care about is the Federal government because they will pass legislation that makes it difficult to conduct business in the future.
Every day that passes, reduces the amount that MBIA can settle for. They are in a worse position than they were six months ago and it is beautiful. I hope they follow Ambac into bankruptcy as justice demands it.