That's what I'd do. Luckily, if you did it once, you can do it again. I've been in similar situations before and managed to climb out of holes I thought I never would. You just gotta grind 10x harder.
As they say, "more money more problems"
You’re gonna have to face the music eventually bro, never bite off more than you can chew.
Only solution is to scale up and make more money to pay your loans or file for bankruptcy.