Builders have gone bankrupt because they have not been able to sell homes already built and had to reduce prices to try to clear out their inventory. Builders generally quit moving on the the next phase of project development...and so on and so on. Also, Builders were not able to access credit to continue building.
If a builder in bankruptcy has an inventory of homes left, you should be able to negotiate a good deal.
However, I expect most if not all builders will raise list prices this spring on pre-sales as they are moving back to list prices in line with the true cost of production, including a profit margin.
Finally, spring is the busiest time for real estate, no matter what the market conditions, and housing conditions seem to be slowly improving around the country.
That said, all real estate transactions are negotiable; it pays to have a Realtor Buyer Agent represent you even when purchasing a new home (it's amazing how many buyers do not realize this); but don't expect the kinds of bargains available until recently on new home inventory (already built) purchases.
Of course, any negotiating power increases or decreases wil the popularity of a specific area at a specific time.