He needs to see a bankruptcy lawyer to answer that (but, if the home is his homestead, I think you're right and that he can protect both). I think he should approach his creditor (or have his lawyer approach the creditor) before filing for bankruptcy and determine whether there's a chance to arrange for a workout of the debt. Perhaps the payments can be restructured or he can convince the creditor to accept a smaller payoff. Don't assume that bankruptcy is the answer.

In chapters 7 and 13 (I do not know about 11 which he may be required to file if the debts are business related, so keep in mind please that I do not speak about this chapter)...you may keep your home, and one auto. You "reaffirm" these debts...once you reaffirm it is as if you never filed bankruptcy on these items, so it is very important the payments be caught up and ontime, otherwise they could forclose or repo said items after the bankrutpcy.

Retirment accounts are exempt from liquidation in a bankruptcy, so these will be safe.

It depends what kind of company he has. Is it under his name or is it strictly a business account. It might no have ruined his credit which would be good. I would suggest talking with a lawyer. Usually the first consultation is free and you can get a better understanding of what needs to be done. Check out http://www.legalhelpers.com They are always very friendly and helpful. All the best!