Are you having trouble paying your debts as they come due? If you sold all of your assets, would you still have debt that is not paid off?
This might mean that you are an insolvent person. In Canada, there are rules that can assist you to eliminate some, or even most of your debt. Most individuals and corporations will do this either by filing a proposal or bankruptcy. Which route you choose typically depends on the type of debt you have (mortgage vs line of credit vs credit card vs tax debt etc.), how much debt you have, the value and type of your assets, and your income.
The process of filing a proposal or bankruptcy typically starts with a Licensed Insolvency Trustee in Canada, who are not lawyers. However, a lawyer can provide you with a confidential, unbiased guide to navigate the bankruptcy and insolvency regime, without any conflicting duties to your creditors.
Furthermore, a lawyer can negotiate with creditors on your behalf, and if you do end up through the bankruptcy route, can represent you at court at the end of your bankruptcy, during a process called the Discharge Hearing.
If you have any questions how a lawyer may assist you when faced when insolvency, do not hesitate to contact Hailey at (416) 494-7115 or firstname.lastname@example.org.