Mosesi & Kalantarian, LLP

No.  The Bankruptcy Code provides that a debtor filing for bankruptcy can keep certain assets for a "fresh start" by exempting property from the  bankruptcy estate. 
The vast majority of bankruptcy cases are "no asset" cases, in which the debtors have claimed an exemption in  everything they own;  there are then no assets from which to pay creditors.  
The exemptions that are available vary from state to state:  this is the only area in which bankruptcy law is not the same in all states.