I would just continue plodding along paying back any creditors I owed.
If everyone else did the same thing, debts would be repaid much quicker.
But that is me.
Note: no sarcasm
That is your choice, based on your own morality, but is still exactly that - your choice. Not just that - your choice hasn't been tested in real life, because I daresay you havn't gone bankrupt.
Hypothetically speaking, lets say you had 3 young children, went into business, failed, and because of something out of your control or a complete accident like, say, digging up a $1 000 000 fibre optic cable in your backyard, became insolvent and had to declare bankruptcy. Don't laugh, this has happened - a guy in Canberra was sued for $3 billion dollars for doing this.
By your statements, you said that you would plod along and pay your creditors, but let's be honest - you're never going to get off the ground and pay them back. This means that your 3 young children are sentenced to a live of comparitive impoverishment, wont have the opportunities that they could have had, and are, in effect, punished along with you, with a net negative effect on society far worse than non payment of the debt. At some point in this situation, I think that you'd have a change of heart.
Personally, I think that is immoral. We know that accidents, or bad decisions are made. That's why we have insurance - to mitigate risk and keep things chipping along in the big scheme of things. We need some sort of mitigatory mechanism in society to keep things chipping along for the overall benefit of all, and that thing is bankruptcy.