insolvency for corporations only?

good day to everyone in the forum. i'm currently in a bad financial situation. my company incurred a lot of debt from financing transactions (both from authorized and also private lending institutions, due to some very bad business decisions) and consequently, the interest expense has overtaken my capacity to pay even the principal. my company's a sole proprietorship. i still want to repay them but i know that it might take a few years before my company can stand on its own feet again. i have actually exhausted all my assets (except those mortgaged thru banks), trying to pay my obligations. would filing for insolvency be my best course of action? i know that i can still turn around my company with a little bit more time.