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Business owner used bankruptcy as a springboard to success

Bankruptcy offers a fresh start for those in financial trouble -- whether that trouble is because of outlandish medical bills, a pile of credit card debt or a business that went under. Whatever the reason, Tennesseans do not have to shovel through a mountain of debt one spade at a time. Consider for example the story of Patrice Washington.

In 2007 Washington had a multimillion-dollar real-estate business. She was also pregnant. But then the real-estate bubble burst and her pregnancy developed complications. The twin disasters left her without a business, millions in credit card debt and another $400,000 in medical debt.

She tried to pay off the debt. She negotiated with the hospital to have $250,000 of her medical debt forgiven. She pinched pennies for years. But neither made a dent in the millions she owed.

Finally, a mentor stepped in and stated the obvious: Though she may have wanted to pay off every last cent of her debt, pinching pennies would never get here there; she needed to file for divorce.

In 2011 Washington did exactly that. She filed for Chapter 7 bankruptcy, which wiped her debts clean. It gave her the financial reset that she needed.

Since then, she has founded a new business, a personal-finance consulting firm that made use of what she learned during the years of pinching pennies. The business has been a success, and her credit score has been restored.

Tennesseans interested in replicating Washington's journey and the financial freedom it brought may benefit from speaking with an experienced bankruptcy attorney. Doing so could be the first step towards a clean financial slate.

Source: New York Post, "I was $2 million in debt -- now I'm wildly successful," Haley Goldberg, Jan. 1, 2016

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Mark T. Young & Associates
2895 Northpoint Blvd.
Hixson, TN 37343

Toll Free: 888-376-0282
Phone: 423-933-1606
Fax: 423-877-0363
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