Is bankruptcy a good option in the long run?

Tough to answer this question. If you're talking about Chapter 13 bankruptcy, then what I can tell you is, you have to manage finances really well. Chapter 13 bankruptcy lasts for 3 to 5 years. It's a long time. You can't have an emergency fund during that period. You have to make monthly payments and cover emergency expenses no matter what is your current financial situation.

It can't be a good option in the long run since it stays on your credit report for 10 years.

Bankruptcy should be the last option for a debtor. If you can't repay your debts and you have no or less income, then you can file bankruptcy. Since it hurts credit score, you should consider it as a last resort.