When you consider bankruptcy, it is a fairly straightforward calculation. On one side are the costs (which include the damage to your credit which isn't as bad as some people think). On the other side are the savings (i.e. the debts that are forgiven).
It is pretty simple. If the savings from declaring bankruptcy are greater than the costs of declaring bankruptcy, then you should declare bankruptcy. Of course you should consult an accountant and/or an attorney before settling on this strategy.
As far as morality, or pride? This is a business decision. Bringing fake emotional concepts like morality or pride into a business decision is just stupid. Banks and creditors declare bankruptcy when it is in their favor to do so. Why wouldn't you?
Of course if your creditors are offering you a deal, then that significantly lowers the savings side of the equation which may very well make it unprofitable for you to declare bankruptcy (which is why they do it). I think I would still talk to an accountant, but these deals are often beneficial for both sides. Take the deal if it benefits you and let the creditors worry about their side of the business transaction.