Ep 50. Rebuilding After Bankruptcy w Patrice Washington

2 Replies

Patrice Washington was flying high in 2006, with the multi-million dollar real estate company she had started with her husband practically printing money.

But 2007/2008 came, and things went south fast. A high-risk pregnancy finally pushed her over the financial edge—she came out of the hospital with a healthy baby, but massive hospital bills after her insurance company cancelled her policy mid-stay.

Patrice and her husband did anything and everything they could to avoid bankruptcy, but when a mentor told them “You can’t nickel-and-dime your way out of $2 million in debt” they realized bankruptcy was the route they had to take. Bankruptcy wiped out all debts, wrecking their credit but allowing them to start over fresh.

Fast forward a few years, and now Patrice is America’s Money Maven, teaching others how to get their financial house in order to lead their best, most satisfying lives.

Bankruptcy doesn’t have to define you, and this episode is an excellent example for anyone starting over.

Listen here or on your favorite podcast app.

I think it's very important to point out that Patrice's medical insurance company cancelled her policy due to a preexisting condition before the Affordable Care Act became law, which is why she accrued $400K in medical debt. That would be illegal now, and as long as ACA's protections for preexisting conditions remain in place. 

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here