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Choosing bankruptcy led to success for one entrepreneur

Think that bankruptcy is the end of the line for financial success. An out-of-state entrepreneur successfully smashed that misconception when he rebuilt his business following a bankruptcy filing. For many people in Washington, choosing bankruptcy is not about admitting defeat or giving up control over finances, but it is instead about laying the groundwork for future financial success and stability. 

Co-owner of a local window cleaning service, the entrepreneur initially started in the business as a teen when he worked for another company. Following a difficult merger after the company was bought out, he decided to strike out on his own. Business began to grow exponentially as he introduced new services to make up for the sluggish revenue during the off-season for window cleaning. 

However, these new services came at a cost. Soon, he was taking out loans and hiring more and more employees, but the problems quickly piled up. Workers were clocking in for work without ever finishing up the jobs that they were hired to do. Some companies refused to send in payments when jobs were left undone, and he was unable to repay his loan. It was not long after this that he filed bankruptcy. 

Only four years after filing for bankruptcy, he purchased a home, got his credit in the clear and restarted his window cleaning business on the side of his full-time employment. The business grew again, only this time at a slower and more sustainable rate. Eventually, the side business became his full-time job.

Far from being the end of the road for this entrepreneur, choosing bankruptcy was likely the smartest move he made. Uncontrolled debt can easily spiral out of control, even for those who believe they have a contingency plan or a steady income stream, such as paying customers. For people in Washington, bankruptcy can be an effective choice for achieving financial security through debt relief and creating a fresh start.

Source: greenbaypressgazette.com, "Entrepreneurs rebuild after bankruptcy", Tina Dettman-Bielefeldt, July 14, 2015

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