BiggerPockets Money Podcast 50: Rebuilding Your Financial Life After Bankruptcy with Patrice Washington

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, a mentor told them “You can’t nickel-and-dime your way out of $2 million in debt.” 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.

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In This Episode We Cover:

  • Patrice’s money journey
  • How she dealt with her $400,000 medical debt
  • The reason she filed for bankruptcy
  • The importance of having a mentor
  • How she started her free blogspot while paying off debt
  • What she did to rebuild her position following her bankruptcy
  • The importance of humility
  • The value of creating relationships that matter
  • Thoughts on life insurance policies
  • Tips for focusing on investing and building a business
  • The best support she received
  • Her advice to people who are looking for financial help
  • How she found her financial advisor
  • And SO much more!

Links from the Show

Books Mentioned in this Show

Tweetable Topics:

  • “I can move on with my life and accept that this is just a season and this should not define the rest of my life.” (Tweet This!)
  • “Don’t negate the other areas of your life.” (Tweet This!)

Connect with Patrice