This sounds like a good recipe for disaster. There's no buffer room in this plan. You've got 6-12 months to make your company profitable or it either fails or you get into massive debt.
You don't necessarily "got 6-12 months to make your company profitable or it either fails or you get into massive debt." A counter example could be that if your company's net begins to converge towards profitability, your burn rate would decrease and it's entirely possible that your 6-12 months becomes 18-24 months. Bail if you don't see that convergence and you'll still be able to re-enter the workforce without wiping out your savings. It's not an all or nothing game.
Alternatively, just get to profitability in 6-12 months :)
Stats on most startups would agree.