monopoly question

I'm not an expert on Monopoly, though it is my favorite game. I believe according to the official rules in that scenario you would have these options:
1. You can sell houses/hotels if you have an improved Monopoly.
2. You can mortgage properties to raise the money.
3. You can try to make a deal with player 2, the one to whom you owe the debt.
4. If none of those are possible, you are now bankrupt and player 2 gets your cash and properties. Limp away, but live to fight another day. LOL.

The basic idea is that you have to settle accounts with the player you owe money to before you can make any further deals or proceed in the game. I hope this helps.