Bankruptcy versus Time

As an educated consumer, you likely are well aware of how important it is to maintain your credit score. You have always maintained an effort to pay off your credit cards and bills on time. But the intention of paying down extended credit and even bills are a roll of the dice heavily dependent on a steady stream of income.
So what do you do if anything ever goes wrong? If you ever lost your job and your income stream ever slowed to a trickle, are you prepared for what may go wrong? Even a three month interruption in your income stream could be detrimental to the credit score you’ve worked years to protect.
When all is said and done, your credit has been through the ringer and you’ve realized it’s a lost cause, you still have options. Of course there’s the tried and true route many before you have opted for; filing for bankruptcy. Bankruptcy is a solid option for getting creditors off your back, but there are plenty of potential drawbacks to filing.
Bankruptcies aren’t as easy to obtain for individuals as they once were, especially since the financial crisis of 2008. Generally, the judicial system wants consumers to take responsibility for the credit they’ve taken on in some form or another.
If a judge decides in favor of your case- which has to show a consistent effort to pay off your reasonable amount of debt prior to your income disappearing, there are no guarantees. In other words, credit bureaus can keep your credit in the dumps for years. There is another option with a hundred percent positive conclusion; waiting.
Every bad mark on your credit must be removed after 7 years under the fair credit reporting act. So if you ever were to experience a financial catastrophe whereby you could no longer pay your bills, all you have to do is wait this amount of time before your credit is clean again. If the marks don’t fall off automatically, just contact the bureaus and have them removed. And, best of all, this option is much cheaper than filing for bankruptcy (free).