No. By law, you are entitled to certain asset protection. For example, most retirement accounts are protected from creditors up to a specific value. Liquidation usually means using your unprotected assets to repay creditors. While it’s important to remember that every situation is different, and your case will be considered individually, asset protection in bankruptcy is perhaps the most important reason to consult with an experienced bankruptcy attorney. Sometimes, protecting your assets will require pre-filing planning; your attorney should inform you about it and develop a plan to save the assets in bankruptcy or suggest an alternative outside bankruptcy such as debt settlement or loan consolidation.