Your start-up means everything to you, but if it's in trouble, you shouldn't allow it to destroy your life, financially or otherwise. While it may be hard to admit it's failing, losing your life savings, all your hard work and possibly the relationships that matter most to you would be even harder. Take a deep breath and a step back to decide if you should abandon the sinking ship or if it can realistically be saved. Here are six ways to know if you should abandon ship or keep fighting for your start-up.

1. You've Tried Debt Consolidation

Consolidating debt may help you put all of your bills into one, more easily managed payment. It could also eliminate collectors calling you because you've fallen behind, which can be very stressful. However, debt consolidation may not be prudent for all start-ups. If you haven't gone through with combining your bills yet, contact a debt consolidation attorney, such as James Alan Poe, P.A. Ask them about the Small Business Administration's 504 Refinance Program, whether you're eligible, and if applying would be a viable long-term solution.

Talking your problems over with a legal specialist may open your eyes to other options, too, allowing you to remain in the game or offering other avenues of escape. 

2. You've Downsized And Sold Off Assets

Sometimes a start-up needs to become leaner to survive. Have you considered selling off unnecessary assets? Have you downsized staff as much as you can, even though that's one of the toughest parts of being an entrepreneur for many? Is the company vehicle a stretch limo or something more economical? Are you burning through advertising funds with little to no results? Look long and hard and find the areas that can be cut, if you haven't already. If you have and there's no more room for expense cutting, you may still have other tricks up your sleeve, but your company is probably in a high-risk zone.

3. Investors Have Gone Cold

Whether or not you've ever sought funding for your start-up, you should definitely exhaust all possible sources of investment. From people you know personally to online sources, there's a world of opportunity for solid start-ups operating on a promising premise, even if they're facing financial difficulty. After all such sources have dried up, though, it may be time to face the harsh reality that industry insiders have lost faith in your ideas and you may need to come up with new ones.

4. You've Lost The Support Of Those Closest To You

One of the most trying circumstances for an entrepreneur to be in is having lost the support of their friends and family. Even under such dire conditions, though, a start-up could still make a comeback. However, in the meantime, you have to face the possibility of personal disputes and even abandonment by those around you. If the people closest to you have lost faith in your company, it's likely time to take a hard look at your immediate goals and long-term aspirations.

5. Your Business Is Facing Foreclosure

If your company operates out of a commercial space and that's threatened because you're behind on the lease or if your business is home-based and the mortgage is at risk, foreclosure might only be a few steps behind you. Consider what else is at stake for you, beyond the business, such as your ability to secure a rental in the future, especially for housing. 

Speak with a foreclosure attorney who can help you decide how much hot water you're really in and what the best and fastest way out is, for you and anyone depending on you, not just for the start-up you love.

6. Bankruptcy Looms

In the case where the debt of a business far exceeds its assets and/or projected profits, bankruptcy may be the only option. Still, depending on what Chapter you investigate, filing could leave you with control over your company and the time you need to resuscitate it. Your best (and perhaps only) course of action is to discuss your dilemma(s) with a bankruptcy specialist or business loan attorney. Your start-up needs help, fast, but you may be incurring debt so fast that trying to bail out is futile. Facing these facts is heartbreaking, but if there's anyone who can help you out from under the debt and pressure you're facing, it's a good lawyer. 

Of course you'll fight to save your sinking start-up, no matter what it takes; however, it's important that you be realistic about the outcome of every step you take. If bankruptcy is your only out, that still doesn't mean it's over, as people from Abraham Lincoln to Milton Hershey have bounced back from similar circumstances. Rely on experts, especially advice from legal sources, and do what's in your best interest for the long-term, not just your start-up's.