Somehow many people have come to believe that you can file for bankruptcy and choose which debts and property are included. This is not how it works. If you are going to file for bankruptcy you will need to list out ALL of your debts as well as ALL of your assets in your petition and associated bankruptcy schedules.
Does that mean all the property listed will be liquidated? Absolutely not.
When you file for bankruptcy, you must give the court and the trustee (the lawyer administering the case) a complete picture of your financial situation. This means everything from real estate, cars, retirement assets, cash, bank account amounts, credit card debt, family support obligations, mortgage(s), everything.
However, bankruptcy law often protects all of your property through the system of exemptions, unless you have large "luxury items" like a vacation home or an RV. Even in these cases, if you don't have positive equity you'll be free to keep those too.
To learn more about how your property and debts are treated in bankruptcy, see the following BankruptcyLawFirms.com guides:
What Happens to Your Property in Bankruptcy
How Are Different Debts Treated in Bankruptcy?
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