Rising interest rates killed my business

Bankruptcy - Small Business Owners
North York, Ontario

What Happened?

I worked as a mortgage broker for years. In 2017, interest rates started to rise and new mortgage regulations that were introduced significantly reduced the number of mortgage applications that were coming in. Less people were qualifying, period. I had to start to evaluate if this would continue to be a good business for me to be in.

I have a young family and I wasn’t even closing enough deals to cover my basic expenses. We were renting and just barely covering the housing expenses. I also had student loans that had been chasing me for about eight years. The creditors were threatening to take collection action.

The Solution!

Bankruptcy ended up being the solution for me. I decided self employment wasn’t for me and I didn’t even want to work in the finance industry any more. I have re-enrolled in school and am hoping to become an electrician. The Bankruptcy enabled me to have a payment I could afford and thankfully included my student loans so I got to truly clean my slate.