[jnorthrop]

Two different takes:

1. If you absolutely love the idea you've built (like you were born to build this idea) take it to the very end. If you believe this is what your are meant to do then quitting will be a regret you'll never get over. And bankruptcy is bad but it is short lived (relatively).

2. If you are in the business because you saw an opportunity and are taking advantage of it... If you saw this as an opportunity, but don't love it for what it is, then get out before it causes too much debt, but not a minute earlier. In the meantime try like hell to get it to work but there will be other businesses to build.