Morally? No. It is not acceptable to dodge a valid debt that way, although the courts might approve. If you have harmed someone, you have an obligation to make restitution.
It's not a dodge, it's handing your assets over to a court, and letting the court figure out how to pay your creditors. The creditors aren't getting zero unless the bankruptcy court accepts the case, then says so.
An entity only has so much money. When the money runs out, bankruptcy ensues.