You lose part of the lift on one wing. The way you counter it is by reducing lift on the other wing to compensate. The lift reduction is accomplished by:
1. Moving the aileron trailing-edge up.
2. Moving the rudder's trailing edge away from the missing wingtip. Because of dihedral this will reduce lift on the intact wing.
If the aileron effectiveness, rudder effectiveness, and dihedral effect are sufficient to counter the lift of the missing wing, then you can still fly. If one or more of those aerodynamic properties of the airframe are insufficient, then you will have to bail out.