As many cryptocurrency exchanges are centralized, this means that the user does not control the private keys to their wallet, but instead the exchange does. This may result in a user being unable to access funds stored on a centralized exchange if they file for bankruptcy.

That is a very key statement there. Most of the exchange we keep our assets in are the centralized exchange and with the centralized exchange the private key which grants us access to our funds is being held by the exchange we are working with. Therefore this makes it impossible for us to go file for bankruptcy in case of one. But we will have to rely or wait for the centralized exchange to do that for us. Which in conclusion tells us that our funds is not owned by ourselves but the exchange we are working with