Bankruptcy?

[NA NA]

I have one of my business coleagues that has a similar portfolio to me - 20+ new sfr's leveraged to about 90% and he had a large financial loss on a non realestate business deal that used up all of his reserves. Of course when it rains it pours, his property management company he used for the last few years ran into hard times and as a result poorly managed his properties leading to high vacancy rates high repair costs etc. The bottom line is he is probably looking at losing the properties. This really made me stop and think of "what if". Should he file bankruptcy or can he just let the homes go to foreclosure? What are the benefits/draw backs of either. This will obviously ruin his credit, but will his other lenders (personal credit cards etc) close their credit lines with him due to this even if they are current? Anyone know anything about this or been through this? I told him to go to a BK attorney and see what his options are.