i created an account so I could respond to this forum. i'm a law clerk at the federal bankruptcy court in FL, and due to seeing people driving a porsche with less than $600 in the bank on a daily basis, i feel it is necessary for me to respond.
if your friend files Ch7 liquidation, every asset he has will be taken, distributed between his creditors, and all his debts will be wiped clean. more than likely, they will take any property he has and try to sell it to generate income for his creditors. there is a slight chance he can keep he property under certain circumstances. i don't know nearly enough to try say whether or not the trustee will let him keep his land, but they regularly allow people to keep their cars, jewelry, clothes, etc. if your serious in that his ONLY asset is a piece of undeveloped land, then ch 7 bankruptcy would be quite the bargain for him.
ch 13 will allow your friend to create a payment plan, and if everyone agrees to it, and he follows his plan accordingly, his debts will go away. of course in order for this to happen he needs to have a regular income. this will allow him to keep his home/land and anything necessary for his income. such as a company vehicle, or a computer lab
hope this helps. if you could provide more info i could make a better judgement.
kevin