When faced with financial difficulties, many in Arkansas fail to understand the power that bankruptcy can have. Others understand the benefits of Chapter 7 bankruptcy, but they feel that filing is some sort of mark of failure. Many people assume that individuals who seek bankruptcy protection are somehow irresponsible or cannot achieve any level of success.
In reality, however, many successful people seek and make use of bankruptcy protection. An example is found in financial expert Patrice Washington. After writing multiple books and building a name for herself in the personal finance industry, Washington encountered a number of financial setbacks. She had a difficult pregnancy, and she racked up nearly $400,000 in medical bills before bringing her daughter home from the hospital. Her real estate business was also in trouble, and the debts were climbing.
Washington and her husband filed for Chapter 7 bankruptcy. They were able to eliminate much of their consumer debt through that process, and they gained a fresh start. Afterward, Washington continued her career in finance, launching a new firm that provides financial advice to consumers. Her husband is the president of a successful media company, and the couple enjoy a high standard of living.
As this case demonstrates, even people who are financially savvy can run into trouble that requires intervention. Washington and her husband were able to use Chapter 7 bankruptcy as a chance to reset their financial standing. Once that process was complete, they refocused their efforts on achieving new levels of success, and are now enjoying the benefits of that hard work. Anyone in Arkansas who believes that bankruptcy is a mark of failure should pay close attention to this case and others like it.
Source: marketwatch.com, “How Patrice Washington rebuilt her life after $2 million of debt“, Haley Goldberg, Jan. 2, 2016