No, not necessarily. In Chapter 7, you could sign a "reaffirmation agreement" or a new agreement with your car or home lender (or other lender) promising to pay the debt on possible new terms notwithstanding the bankruptcy discharge if everyone agrees to it.
In a Chapter 13, you can potentially stop a foreclosure by a three- to five-year
structured repayment plan to all of your creditors where you may pay back all or a fraction of the debt as long as you comply with that payment plan.
While in an "Asset" Chapter 7 case, any nonexempt asset you have may be sold to partially satisfy your debt to your creditors before the discharge.
Furthermore, while the Bankruptcy Court can tell your car loan or home loan creditors you no longer owe them money, they have a security interest in your house or car and can "foreclose" against that property without seeking money from you. They could get relief from the bankruptcy stay by Court Order and seize your car or foreclose on your home.
You also have a right to declare certain statutory exemptions either in Bankruptcy Court or in a state court lawsuit to prevent such property to be used to satisfy creditors. Under 735 ILCS 5/12-1001 of the Illinois Code of Civil Procedure, you can exempt from seizure for a judgment or satisfaction of creditors in bankruptcy court if proper procedure is followed:
(a) $15,000 equity in your home
(b) Wearing apparel, bible, school books, and family pictures
(c) Up to $4,000 "wild card" exemption
(d) $2,400 equity in your motor vehicle
(e) $1,500 in trade tools
(f) All value in health aids prescribed by a doctor
(g) All proceeds payable because of death of insured
(h) Social Security, unemployment compensation, public assistance benefit, veteran's benefit, disability, alimony, support, and maintenance
(i) Up to $15,000 value in a personal injury lawsuit
With anything at risk for being sold in a Chapter 7 case, you can "buy" the item back from the Bankruptcy Trustee, so the money used to buy back the item can be used to satisfy your creditors before the discharge.