Your reputation in this industry is everything. The way you carry yourself speaks volumes and can either pave the way for you going forth in your field or create a dead end. The choice is really up to you. One thing that can fuck up your reputation in this "BUSINESS" is when you fail to pay someone for their services or not pay something that you made a promise and legal obligation to. Something like that will leave a bad taste in the mouths of customers and partners. If word gets around that something like this has happened it's a wrap for the most part. Even if its not true just the mere utterance of something like this can be catastrophic to your brand and career.
My advice is simply be on top of what you can afford and what you can't. Also, If you are getting into a business venture let your partners know of your situations at the very least. This is a business so its very likely that they won't give a damn but if they at least know what the situation is they can help or better assess situations and you know what else? They will respect you for being honest and keeping it 100. Your character and rep stays in tact and you will be off the hook sorta speak. Its your choice to do what you want but if you don't take my advice then you now open yourself to receiving a lot of backlash or even worse. Not everyone takes bad business deals nicely.