No one even wants to utter the words “bankruptcy” let alone visit your local bankruptcy attorney to start the proceedings. But there are times when making the decision to go through a bankruptcy can be actually smarter than trying to struggle through your current financial trouble. While we may read about famous people who struggle with a bankruptcy because it means they have to give up a famous bauble or let go of their pet tigers, for most of us the end result is relief.

So when does it make the most sense? Here are a few pointers that might tell you if you should be looking at it in your current situation.…