Any one done it know the ins and outs.

A mate has got into some financial trouble, He has 3 kids owns a house plus a flat he rents out. he has got his own business but just cant cope with it all and is getting more and more in debt.
what would happen to his house / business if he went for bankruptcy? he has loans on top of loans his Mrs has store cards and catalouge accounts plus work accounts that are getting behind?