She said he managed rental properties, not owned them. You need to look at what in your current monthly budget is needed. Do you need cable? That's at least $50. If you have cell and home phones, cancel the home phone. That's at least another $50. What about your cars? Carrying 2 notes? Can you sell one and buy a used car with no note? At least $350, and you can also decrease your insurance. Try packing your lunch every day instead of going out to eat. Restaurants, movies, etc. also eat into your budget. How about downgrading the home you live in? Selling and moving into something smaller?
Sadly, a loss of $50,000 in income is going to be extremely hard to make up just by cutting your budget, that is over $4,000 a month, and you will really need to replace this income, or radically alter your lifestyle. One option is also part-time work (I hate to say this as it puts a serious crimp on your personal life).
Bankruptcy should be avoided if at all possible. Depending on your position at the bank, declaring bankruptcy could jeapordize your current job, forcing the bank to move you to a non-monetary handling position, which could have a reduction in pay.
Providing alternative truths since the invention of time