I've been playing longer than most everyone here. A long long time ago, I was in your position and wasn't looking forward to meeting my guy without the money. I owed about $500 which was a lot of money back then, in the 70's. I was lucky my local was an independent, so I knew my knee cap was going to stay in one piece. Unlike you, I only had about half of what I owed. My guy was smart enough to know that if I gave him half and he let me pay the rest a little at a time while letting me keep playing at a greatly reduced limit, over time he would make more money from me than the other half that I couldn't pay right then. I was able to have some action and over the next couple of months I was able to pay him back everything I owed. He raised my limit back but I made it a point not to bet that much unless I had the money to pay. I was lucky in that I learned a valuable lesson and never was back in that position again.
Reading thru this thread, you see most of the posts are telling you what to do about paying what you owe and are not telling you who to bet big on to win back what you owe. We all know if you feel bad now, you will feel a lot worse if you try to win it back with one bet and lose. Talk to you local. Be honest with him and if he is smart and you have been a long term customer who always paid in the past, he will work out a payment plan with you and might even let you play for smaller amounts until he is paid back.
Most everyone here really cares about each other and don't like seeing anyone in your position. That's why most of us are telling you don't be stupid and try to win back what you owe with one bet. Most locals these days are independents and reasonable. Talk to him, and if he is smart and lets you just pay half now, you will feel much better.
This is not personal kid31, but I will never understand why guys still use locals instead of playing on line. Most big online books give you bonus or Bonus Play money when you make a deposit but most important if you play online you will never owe more than you can pay back because you don't play on credit. You can only bet the money that is in your account.
I hope you do the right thing and that your local lets you have a payment plan.