If your account is below -$500,000 at the time of a weekly economic update, you are given two weeks to bring your account back above -$500,000 for an economic update before your key players will be put on the transfer list automatically with a starting price of $0. If, after your players are sold, you are still not above -$500,000, you will be fired as the manager at the next economic update.
The 2 weeks starts at the financial update (Mondays). I see that you have already placed your players on the TL. If they put you under -500k, you won't go bankrupt, but will still have to pay the 5% debt penalty, unless you are at or above zero.