What the guy could have done is done a personal bankruptcy. His business probably is not a sole proprietorship so didn't go on his personal bankruptcy. His business, if it was in trouble, would have gone in as a reorganization, a Chapter 13. Did he file a Chapter 13 for his business too? If not then his business is not in trouble.
you may think you have learned the situation with your landlord but you are talking about two different entities here--he is either an individual who would report rental income on sch E
or he has an LLC which more than likely is filed as a corporation, probably not a partnership
the LLC pays its own taxes, claims its own income, ie. if the LLC is formed to manage the rentals, all that information would be on an 1120