Yes it`s possible!
1) Don`t use any turns
2) Work out the exact value of your resources at max price.
3) Calculate if you can get out of debt, by selling at max price (debt removal + income).
IF SO,
ask friends to buy up the market and buy yours for max price...
IF NOT,
Ask friend to send artifacts that remove credits (in this case remove debt)/wait for a UW to be sucessful....
Continue until possible to bale yourself out of debt via income/resources....
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I know of an empire on Normal, that got himself out of a debt of 210 BILLION! ;)
Question is, is it worth salvaging?