Legal Question in Bankruptcy in Arizona

Asset income protection

My friend has found it necessary to declare bankruptcy because a business he invested in and signed a personal note for is failing, and he received a note for immediate payment that he cannot meet. He is also in the middle of a divorce, and the ex is also having to declare bankruptcy because she is also on the note. He will lose the income from this investment. He has another income from the sale of a business about 2 years ago, and this will be his only income since he is unemployed, over 60, and on disability now and cannot work. He is terrified that since this income is considered an asset and accounts receivable, that he will lose it, and therefore lose his only income. Since he is ill, he cannot work. Can this asset and/or any income from it be protected?

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