If he files for bankruptcy, how long does he have to do this or can he do this if we're now in the final 20 days?

My partner and I have business property we've owned for 7 years. We've been in foreclosure w/ both. I want to sell the property and pay off our mortgage holders and debts. My partner wants to keep fighting and the ship isa sinking. 1of the problems is the 2nd mortgage holders are my parents. Needless to say he's fighting hard w/ no $$$ for 5 years. We've gone through the state & are now in frt of the judge for trial. Is there a time limit? Even though I'm not involved in the business the foreclosure is on the property. Thank you.